GM, GMAC credit protection costs climb on CEO ouster


NEW YORK, March 30 (Reuters) - Debt protection costs for General Motors and finance unit GMAC rose on Monday after the United States rejected rescues for GM and Chrysler and forced out GM's CEO, rekindling concern the automakers could go bankrupt.

GM's five year credit default swaps rose to an upfront payment of 79.5 percent the sum insured plus 500 basis points a year from 77 percent on Friday, according to Phoenix Partners Group. That means it would cost $7.9 million to insure $10 million of debt plus $500,000 a year. GMAC's CDS rose to 31 percent, from 27.5 percent. (Reporting by Walden Siew; Editing by Theodore d'Afflisio)



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