GMAC Financial Services has once more extended the deadline for its offer to buy or exchange debt notes issued by it and its subsidiaries, as it seeks to qualify for federal aid under the Wall Street bailout program.
GMAC extended the delivery time to Tuesday 5 p.m. Eastern Time, in what it said was a “final” amendment to the offers.
This time, however, the company said that it has an “agreement in principle reached with representatives of a substantial portion of the outstanding notes.”
That, in turn, “represents substantial progress toward attaining the estimated overall participation that would be required to satisfy the condition for a minimum amount of regulatory capital in connection with GMAC’s application to become a bank holding company,” although more buyers will still be needed.
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15Dec
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