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Chrysler's main creditors reach deal with U.S.; others hold out

The U.S. Treasury Department has reached a tentative debt-reduction agreement with Chrysler's main creditors but still must get other lenders to sign on for the deal to take effect, three people with knowledge of the talks said today. The accord with JPMorgan Chase, Citigroup, Goldman Sachs and Morgan Stanley would reduce Chrysler's $6.9 billion debt to $2 billion, which would be repaid by Chrysler in cash, they said.

It's a Corvettes summer at the Rolex Monterey Motorsports Reunion

You couldn't swing a camshaft without hitting a Corvette at the Rolex Monterey Motorsports Reunion. Chevy was celebrating, in no particular order: the 60th anniversary of its iconic sports car; the rolling unveiling of the new C7 Stingray; the first-ever public peek at the C7R race car; an almost-unprecedented gathering of great Corvette race cars from all eras; and a ginormous gathering of the Corvette faithful tearing around the track in all models of screaming, roaring American muscleVettes, few with silenced exhausts and many emblazoned with all or part of the American flag. Is this a great country or what?

Jaguar-Land Rover sold today (2008)

By Tim Pollard Motor Industry 26 March 2008 10:18 Ford has finally sold its Jaguar and Land Rover subsidiaries to Indian manufacturing giant Tata Motors. The Blue Oval announced the widely anticipated sale to the US stock markets and employees this morning, confirming it was paid $2.3 billion (£1.2bn) for the two premium British marques. It has sold them wholesale, rather than keeping a stake as it did with Aston Martin - ending a decade of American ownership.Ford bought Land Rover from the BMW-Rover break-up in 2000, 11 years after it acquired Jaguar.