UPDATE 1-GMAC eases burden with $21.2 billion debt swap

Newswire

NEW YORK, Dec 31 (Reuters) - GMAC, the General Motors Corp financing affiliate that received a $6 billion capital infusion from the government, on Wednesday said holders of $21.2 billion of debt agreed to swap their stakes for $15.7 billion of new securities plus cash. Completion of the exchange offer will ease the debt burden of GMAC, which last week won Federal Reserve approval to become a bank holding company, enabling it to tap lower-cost funding and easing concern about its survival ...

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