The Demo Site

Jaguar has just launched a high-performance Police vehicle based on the XF Diesel S model.

“Police forces are looking for vehicles that represent value for money, have good environmental credentials and deliver the power and performance required of a pursuit vehicle,” said Geoff Cousins, UK Managing Director for Jaguar Cars.

The first ever Police-spec XF is currently being evaluated by Police forces across the UK. Power comes from the 3.0L Diesel S engine making 275-hp with a parallel sequential turbocharger system. 0 to 60 mph comes in 5.9 seconds and fuel-economy figures are estimated at 42 mpg (35 mpg in U.S. terms).

The Jaguar XF Diesel S is on sale now with prices starting at £36,900.

GM had offered bondholders a 10 percent stake in the restructured company to reduce its $27 billion debt and avoid going into bankruptcy court. However, yesterday GM failed to gain the near 90 percent of bondholder support to accept a debt-for-equity swap. Sources say that GM is now planning to file for Chapter 11 bankruptcy by June 1.

According to a report by the New York Times, the U.S. Treasury will have to inject an additional $50 billion to get GM through Chapter 11. It has already loan more than $20 billion to the struggling automaker. In return for its ‘investment,’ the U.S. Treasury Department will receive about 70 percent of the restructured GM.

Meanwhile, the UAW will get up to 20 percent through its retiree health care fund and bondholders will get the remaining share. GM shareholders will eventually be  wiped out.

Source: New York Times

General Motors is one step closer to filing for the largest bankruptcy ever for a U.S. industrial company after bond exchange offers failed. On the other hand, the sale of GM’s European brand Opel isn’t going so well either as German officials ended talks earlier today without reaching a deal.

The bidding war for Opel had narrowed down to a two-way race between Fiat SpA and Magna International. German officials were unable to reach a deal after 12 hours of talks stretching well into Thursday morning.

Ministers said that talks ended since the German government is unable to provide temporary financing if GM files for bankruptcy is the United States. Reports yesterday said that Fiat and Magna needed to improve their offers and assume greater risk by making commitments to reserve jobs and plants.

“We have made demands on the U.S. Treasury and expect answers by Friday and we will need these answers in order to agree a plan,” said Economy Minister Karl-Theodor zu Guttenberg. “We don’t have the security yet that we need to commit to bridge financing today.”

Source: Reuters