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Bondholders snub GM, bankruptcy filing likely

Nowhere near enough General Motors bondholders agreed to exchange their debt for stock before a midnight Tuesday deadline, making a bankruptcy filing by the automaker highly likely. GM had set a threshold of 90 percent of the $27 billion in bond debt it wanted to exchange for 10 percent of the stock in a reorganized company for the deal to take place. In a statement Wednesday, GM said the amount of notes tendered was substantially less than the 90 percent target.

F1 star Vettel to help develop 560hp Infiniti

NISSAN’S premium car division, Infiniti, is pressing ahead with the development of a high performance version of its Q50 executive saloon. What’s significant about the news is that Formula 1 racer, and Infiniti’s Director of Performance, Sebastian Vettel has added his input to the programme. The four-time Formula 1 world champion recently tested the 560hp high performance sports saloon at the Millbrook Proving Ground testing facility.

Ferrari online auction to benefit victims of Italian earthquakes

The series of earthquakes that struck northern Italy this month did much more than temporarily halt supercar production. It resulted in the deaths of at least 24 people and caused hundreds of millions of dollars in property damage. Ferrari, whose hometown of Maranello is situated in the quake-stricken region, will conduct an online auction and contribute proceeds to the families of earthquake victims.