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Sonic Automotive, Inc. , the nation’s third-largest automotive retailer, today announced that it has entered into agreements with the holders of over 85% of the Company’s 5.25% Convertible Senior Subordinated Notes due May 2009 to refinance such notes with a combination of cash, common shares and newly issued debt.

BLOOMFIELD HILLS, Mich.—-Penske Automotive Group, Inc. , an international automotive retailer, today reported first quarter income from continuing operations of $16.2 million, or $0.18 per share.

Fannie Mae issued a grave warning about its future on Friday, saying it needs $19 billion in additional government aid as job losses grow and risky loans made during the housing boom go bad at an unnerving pace.