GMAC drums up $21.6 billion in debt-for-equity swaps

GMAC has leveraged the recent promise of U.S. Treasury funds to boost its lending capacity, and now it has generated another $21.2 billion in cash via debt-for-equity swaps with its bondholders. The fund raising is part of the company’s’ effort to raise enough cash to meet the regulatory requirements of a bank holding company, and [...]

U.S. Treasury secures $6 billion in aid for GMAC

The U.S. Treasury on Monday announced it will be making $6 billion in Troubled Assets Relief Program (TARP) money and other funding available to troubled car lender GMAC. The Cerberus and GM-owned entity will get $5 billion in TARP funds plus another $1 billion from a Treasury-backed General Motors purchase of GMAC equity.
Last week the [...]

Bush administration considering $15 billion in TARP funds for auto industry

In a stunning development, the Bush administration released a statement late Friday stating that it was strongly considering using some of the money set aside for the 0 billion financial system bailout to help prop up America’s ailing automotive industry.
Following the rejection of the auto industry bailout bill by the Senate, the onus has once [...]