GMAC may have asked for $6 bln in aid-CreditSights

Newswire

NEW YORK, Dec 26 (Reuters) - GMAC LLC may have applied for up to $6 billion in funds from the government's financial bailout program, and could potentially sell $17.5 billion in government-backed debt to shore up its capital position, CreditSights said. The finance company, owned by Cerberus Capital Management and General Motors Corp , on Wednesday won approval to become a bank holding company, giving it access to the government lending program. For details, see [ID:nN24278654] GMAC has ...

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