GMAC Completes Debt Swap After Falling Short of Goal

GMAC LLC, the auto lender that’s getting a $6 billion federal bailout, completed a debt swap designed to bolster its capital after falling short of its $38 billion goal.

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The swap, designed to help GMAC qualify as a bank holding company, lost some urgency when the Federal Reserve approved the company’s conversion last week and the Treasury promised financial aid Dec. 29. GMAC has said the swap was still an important step to reduce debt and shore up its balance sheet. The firm is the primary lender to customers of General Motors Corp., and restoring the GMAC’s health is part of a U.S. plan to save the automaker from bankruptcy.