GMAC offers Treasury-backed bonds, seeks more aid

10/29/2009 | Wall Street Journal, The

GMAC will sell $2.9 billion in three-year corporate bonds that will be guaranteed by the Treasury's Temporary Liquidity Guarantee Program, the company said in a statement. "This offering further strengthens GMAC's liquidity position, which will support the company's ability to extend credit to consumers and businesses," the company said. GMAC is also in discussions with the Treasury to receive fresh capital in the form of preferred stock.

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Wall Street Journal, The