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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.

Bentley's new boss confirms SUV back to drawing board

Bentley's new chairman and CEO, Dr Wolfgang Schreiber, confirmed today that the EXP 9F - the controversial SUV shown at the 2012 Geneva motor show - would be heavily redesigned before going on sale. CAR greeted the EXP 9F with the headline 'I'm a Bentley designer, get me out of here' in our Geneva show issue. Ironically, head of design Dirk van Braeckel, has subsequently moved to a different department within the VW Group.

Volvo V70

Volvo has just released details of the all-new Volvo V70 wagon. With its more athletic lines, fast windscreen angle, blacked-out side pillars and C30-inspired taillights, the V70's style is said to hint at its newfound on-road dynamism. The rear end features an unusual design where the tailgate takes the upper area of lamps with it when opened, giving the advantage of making the trunk aperture larger than before.