DealZone

Two big car sagas are in their final stages: General Motors is about to file for bankruptcy, while a sale of Chrysler to a group led by Italy’s Fiat was cleared by a judge in the United States on Sunday. For today’s headlines, click here.

Private equity firm The Carlyle Group and some investors are in talks to buy the failed Silverton Bank of Atlanta, the Wall Street Journal reported.

Private equity group CVC Partners has offered to pay just under 2 billion pounds ($3.21 billion) for a 30 percent stake in state-owned postal group Royal Mail, the Sunday Telegraph reported.

Chancellor Alistair Darling is to fast-track the recruitment of a top City executive to run the government’s toxic-loan insurance scheme, the Guardian reported. The appointee will be responsible for ensuring that the banks involved do not behave recklessly, while controlling a new body to oversee it.

Commercial property developer Modus Ventures has been put into administration by its lenders, the Financial Times reported.

Sky would need a rights issue of 500 million pounds to kick-start a recovery at ITV, the Daily Telegraph reported.

LCH.Clearnet will go into talks with the 13-strong consortium on Monday, but Chairman Chris Tupker and the board believe the consortium’s bid to be too low, the Times reported. The management has proposed its own plans for refinancing the firm, which would tidy up its complex ownership structure and lead to the 15 biggest customers of LCH taking 75 percent of
the business.

Stricken German bank Hypo Real Estate will need more state support even after a capital increase the German government is pushing through to take full control of the
lender, the Frankfurter Allgemeine Sonntagszeitung Sunday paper cited its chief executive Axel Wieandt as saying.