GMAC plans to release results of debt swap soon

Newswire

NEW YORK, Dec 28 (Reuters) - GMAC LLC expects to soon announce the results of a debt exchange offer that is key to North America's largest auto finance company's capital levels, a spokeswoman said on Sunday. GMAC, owned by private equity firm Cerberus [CBS.UL] and General Motors , is looking to swap $38 billion of outstanding debt for a smaller amount of new debt, as well as preferred shares and cash, to reduce its debt load and raise capital. The debt swap deadline expired Friday as ...

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