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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.

Citroen DS5 – the tease begins

Citroen DS5 - the tease begins Yet another new car being teased in the run up to the Shanghai Motor Show, and this time it’s instalment number three in the new Citroen DS range – the Citroen DS5. Following in the footsteps of the DS3 and DS4, the DS5 will be the biggest modern DS to date and the closest in size to the iconic Citroen DS cars of the past. Based on the Citroen C5, the DS5 will be innovative as well as chic if it lives up to the promise of Citroen’s intent.

Saab deal no longer valid says Pangda Chairman. The end of Saab?

Saab deal with China not valid says Pangda Chairman Update 10 am 12/10/11: Saab & Pangda have issued a statement about this story and say that the reports of the Saab deal with Pangda and Youngman as being no longer valid are “…based on a misunderstanding”. Whatever that means. Yesterday there was yet more speculation that Saab will be declared bankrupt as real doubt about the deal with Chinese companies Pangda and Youngman started to surface.