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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.

Ford Marks 30 Years Of Diesel Power

THE MIGHTY Blue Oval is marking 30 years of diesel power this year. 1984 saw the introduction of Ford’s derv-powered Fiesta and, to illustrate the power of the black pump, the firm now sells almost 119,000 of them. According to the carmaker, today diesel power represents 38.5 per cent of all Ford car sales, making the introduction of its first mainstream diesel car a significant landmark.

Honda recalls CR-V to fix control-arm problem

Honda is recalling about 1,300 copies of the 2006 CR-V to inspect and possibly replace the right-front lower control arm. Honda says that the part could have been made with an improper welding process. Over time the control arm could break at the weld.