U.S. auto sales fall 27.7 pct in June

Total U.S. new light vehicle sales in June were down 27.7 percent to 859,847, according to Autodata Corp, which compiled results released today by automakers. Ford Motor Corp fell the least with a 10.7 pct decline.

Here are percentage drops for selected automakers: GM -33.4 pct; Ford -10.7; Toyota -31.9; Honda -29.5; Nissan -23.1, Chrysler -41.9, Volkswagen -15.8; Mitsubishi -41.8; Mazda -42.2; Hyundai -24.2; BMW -20.3; Daimler AG -26.5; Subaru +3.4; Kia -5.1, Suzuki -78.0, Jaguar Land Rover -19.2; Porsche -66.0; Ferrari -10.7; Maserati -47.9.

Lear Corp to file for bankruptcy

Auto parts supplier Lear Corp. said on Wednesday it reached a deal with secured lenders and bondholders and will file for Chapter 11 bankruptcy. The company also secured $500 million in financing from J.P. Morgan and Citigroup to survive and emerge through the financing .

GM asks court to approve sale, seeks IPO in 2001

A U.S. Treasury official argued in bankruptcy court today that a judge should allow an asset sale of General Motors Corp. to a new company which could make an initial public offering by 2010, according to Reuters.