GMAC silent on bailout hurdle

Times Wire Reports

As a crucial deadline passed, the financing arm of General Motors Corp. did not comment on whether it had cleared a final obstacle to become a bank holding company and gain access to billions in federal bailout money.

Analysts have speculated that if GMAC Financial Services of Grand Blanc doesn’t obtain financial help, it will have to file for bankruptcy protection or shut down -- a serious blow to parent GM’s chances for survival.

GMAC had received the Federal Reserve’s approval to become a bank holding company last week, but the approval was contingent on the ailing auto and home loan provider completing a debt-for-equity exchange by Saturday.