GM buys additional stake in GMAC - Ford Inside News Community
LinkBack Thread Tools
post #1 of 3 (permalink) Old 01-23-2009, 08:10 PM Thread Starter
Ford Mondeo
Tahoe's Avatar
Join Date: Sep 2007
Location: USA, Living Room, Babies Sleeping
Posts: 1,062
GM buys additional stake in GMAC

NEW YORK (AP) -- General Motors Corp. said in a securities and Exchange Commission filing Friday that it used the proceeds of an $884 million Treasury department loan to increase its equity stake in its financing arm to about 60 percent.

GM had previously held a 49 percent stake in GMAC LLC, with the remaining 51 percent held by New York-based private equity firm Cerberus Capital Management LP.

As part of the federal bailout for GMAC approved late last year, the financing company received $5 billion from the government's $700 billion bank rescue package.

In addition, Treasury also said it would lend GM up to $1 billion so that the automaker could buy additional equity offered by GMAC as part of its effort to raise more capital.

The help came after the Federal Reserve approved GMAC's application to become a bank holding company, making it eligible for a piece of the bank bailout. As part of that deal, GM agreed to reduce its stake to less than 10 percent of the voting and total equity interest of GMAC.
Tahoe is offline  
Sponsored Links
post #2 of 3 (permalink) Old 01-23-2009, 10:26 PM
Mercury C557
2b2's Avatar
Join Date: Mar 2007
Location: N NW of Atlantis (Reno)
Posts: 16,737
Blog Entries: 4
Re: GM buys additional stake in GMAC

wonder why Cerberus sold some back?

only 43 shopping days until NAIAS!
today's excuse for a POLL is: What price should the Continental $TART at?
2b2 is offline  
post #3 of 3 (permalink) Old 01-24-2009, 02:25 PM
Ford Falcon Ute
Andrew L's Avatar
Join Date: Dec 2008
Location: St. Petersburg, FL
Posts: 4,041
Send a message via AIM to Andrew L
Re: GM buys additional stake in GMAC

Originally Posted by 2b2 View Post
wonder why Cerberus sold some back?
heh they need money?
Andrew L is online now  
Sponsored Links

additional, buys, gmac, stake

Quick Reply

Register Now

In order to be able to post messages on the Ford Inside News Community forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Please enter a password for your user account. Note that passwords are case-sensitive.


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:


Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.

Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

For the best viewing experience please update your browser to Google Chrome