BUSINESS BRIEFING / FINANCES
From Times Wire Reports
The financing arm of General Motors Corp. has completed a complicated debt deal that was designed to raise capital and help the auto loan company ride out a historic collapse in auto sales.
The results of the debt exchange fell well short of GMAC’s previously stated goals. But they came a week after the Federal Reserve approved GMAC Financial Services’ application for bank holding status, making it eligible for a portion of the $700-billion bank rescue package.
GMAC said bondholders owning $21.2 billion of its debt agreed to the exchange.
