Detroit is close to agreements with more creditors on a plan to reduce its $18 billion debt load, lawyers for the city told a judge who withheld a final ruling on whether to allow a vote on the proposal.
General Motors Co. doesn’t have to tell car owners they should park the 2.59 million vehicles it recalled over faulty ignition switches, a federal judge ruled, rejecting a bid for what would’ve been an unprecedented order.
General Motors Co., the biggest U.S. automaker, said global vehicle sales rose 2.3 percent to 2.42 million during the first quarter. Increasing deliveries in China helped make up for declines in the U.S and Brazil.
Detroit’s “divide-and-conquer” campaign to build support for its plan to shrink $18 billion in debt with a recent series of creditor accords may put pressure on holdouts to settle before a bankruptcy judge decides to push it through, lawyers following the case said.
Ford Motor Co. is bringing its premium Lincoln cars to China, decades behind Volkswagen AG’s Audi and BMW, testing whether the second-biggest U.S. automaker can emulate the recent turnaround of its namesake brand.
European car sales advanced a seventh consecutive month as new models to replace aging vehicles and an economic rebound in the U.K. boosted demand at Renault SA, Ford Motor Co. and PSA Peugeot Citroen.
In Detroit, 45 percent of the population rents and the remaining 55 percent are homeowners. And in the past year the Detroit real estate market has seen an 4.8 percent increase in value, with a median sales price of $30,700, according to Zillow.