GMAC to restructure $38bn debt load

The Cerberus-owned company has launched a $38bn debt restructuring to shore up its capital base to meet regulatory requirements necessary to become a bank holding company.

GMAC Financial Services, a portfolio company of Cerberus Capital Management, is restructuring $38 billion of its debt to meet regulatory requirements necessary for bank holding company status.

The company has submitted an application for bank holding company status to the US Federal Reserve Board of Governors and an application for access to the US government’s $250 billion bank bailout to the US Treasury.

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