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Debt swap complete
January 1, 2009, Thursday
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Print Edition
Print Edition
GMAC LLC, the auto lender that received a US$6-billion federal bailout, has completed a debt swap designed to bolster its capital after falling short of its US$38 billion goal.
About 59 percent of its old notes eligible for the swap and 39 percent of the debt from its Residential Capital unit were tendered, according to a statement from Detroit-based GMAC. The goal was 75 percent.
About 59 percent of its old notes eligible for the swap and 39 percent of the debt from its Residential Capital unit were tendered, according to a statement from Detroit-based GMAC. The goal was 75 percent.
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