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GMAC finishes debt exchange

January 01, 2009|From Times Wire Reports

The financing arm of General Motors Corp. has completed a complicated debt deal that was designed to raise capital and help the auto loan company ride out a historic collapse in auto sales.

The results of the debt exchange fell well short of GMAC's previously stated goals. But they came a week after the Federal Reserve approved GMAC Financial Services' application for bank holding status, making it eligible for a portion of the $700-billion bank rescue package.

GMAC said bondholders owning $21.2 billion of its debt agreed to the exchange.

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