GMAC seeks bank holding company status

The Cerberus-backed auto financing company plans to restructure its debt in an effort to become a bank holding company and qualify for federal aid.

Cerberus portfolio company GMAC Financial Services is in discussions to become a bank holding company, which would qualify it to access funds from the US government’s $250 billion bank bailout.

As a bank holding company, GMAC would obtain “increased flexibility and stability” as well as “expanded opportunities for funding and for access to capital”, the company said in a statement.

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