US Treasury Report Confirms $7.5 Billion Aid To GMAC
26 Mai 2009 - 11:15PM
Dow Jones News
The Treasury Department Tuesday released a report confirming its
$7.5 billion aid to GMAC that was announced last week.
The Treasury report updated its automotive industry financing
program and showed the additional aid, in the form of mandatory
convertible preferred shares.
GMAC is the auto finance arm of General Motors (GM). Aside from
the $7.5 billion announced Thursday, Treasury in December provided
GMAC with $5 billion in assistance through the Troubled Asset
Relief Program, a $700 billion bailout package approved by Congress
last fall.
-By Jeff Bater, Dow Jones Newswires; 202 862 9249;
jeff.bater@dowjones.com