2007-11-23thestreet.com

"GMAC announced a $750 million bond tender offer on Wednesday designed to keep it from breaching its debt covenants amid turmoil at its troubled mortgage unit, Residential Capital. Meanwhile, a spokeswoman for GMAC's former corporate parent, General Motors, said the automaker is under no contractual obligation to provide the finance company with any more capital infusions beyond the $1 billion equity contribution it has already made.That could leave Cerberus Capital Management, the private-equity firm that bought a 51% stake in GMAC for around $14 billion from GM last year, on the hook for more cash."


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