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Latest Cerberus Capital Management Stories

2009-04-30 13:01:00

NEW YORK, April 30 /PRNewswire/ -- GMAC Financial Services today announced that it has entered into an agreement with Chrysler LLC to provide automotive financing products and services to Chrysler dealers and customers. GMAC will be the preferred provider of new wholesale financing for Chrysler dealer inventory and has a four-year agreement for incentivized retail financing with limited exclusivity. The U.S. government has indicated that it intends to support GMAC in promoting the...

2009-04-30 12:09:00

AUBURN HILLS, Mich., April 30 /PRNewswire/ -- Chrysler LLC today announced that, as a result of the comprehensive restructuring plan agreed to by many of its stakeholders, it has reached an agreement in principle to establish a global strategic alliance with Fiat SpA to form a vibrant new company. It will allow Chrysler and Fiat to fully optimize their respective manufacturing footprints and the global supplier base, while providing each with access to additional markets. Fiat powertrains...

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2009-04-29 18:05:00

U.S. auto giant Chrysler LLC would have its management shifted from Michigan to Italy in the event of bankruptcy, people connected to the negotiations said. The deadline for Chrysler to strike cost-cutting deals and a partnership with Fiat of Turin, Italy, is Thursday. If the company files for bankruptcy, however, U.S. and Canadian governments would provide about $4 billion with 80 percent from United States, The Washington Post reported Wednesday. A bankrupt Chrysler would emerge 55 percent...

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2009-04-10 09:20:05

The U.S. government is pressing creditors to accept cuts in General Motors Corp. and Chrysler LLC debt to avoid automaker bankruptcies, sources said. Sources told The Wall Street Journal that the U.S. Treasury considered a previous GM offer to bondholders of about $8.5 billion in cash and new debt and 90 percent of the company stock too generous. At Chrysler, the government is pressing creditors, who are owed nearly $7 billion, to accept about 85 percent of that, the Journal said. But, some...

2009-04-01 08:11:00

DETROIT, April 1 /PRNewswire/ -- GMAC Financial Services is initiating some extraordinary actions today to reduce the stress on U.S. auto dealers and to expand the credit available to retail customers. GMAC will temporarily ease wholesale finance charges for dealers and earmark $5 billion for consumer auto loans over the next 60 days. "Dealers have told us that cash flow is critical right now," said GMAC President Bill Muir. "We want to do everything possible to help dealers sell their...

2009-03-20 08:00:00

MIAMISBURG, Ohio, March 20 /PRNewswire/ -- NewPage Corporation (NewPage) today announced the election of Mark A. Suwyn to Executive Chairman of the Board and the simultaneous election of Richard D. Willett Jr. as a member of the Board of Directors and as President and Chief Executive Officer of the company. The changes became effective March 19, 2009. (Photo: http://www.newscom.com/cgi-bin/prnh/20090320/CL86520-a ) (Photo: http://www.newscom.com/cgi-bin/prnh/20090320/CL86520-b ) (Logo:...

2009-01-09 14:23:00

NEW YORK, Jan. 9 /PRNewswire/ -- GMAC Financial Services confirmed today upcoming changes to its Board of Directors, in accordance with the U.S. Federal Reserve System Board of Governors' order granting the company's application to become a bank holding company and the company's participation in the U.S. Department of the Treasury's Troubled Asset Relief Program (TARP). Pursuant to the Fed's order, GMAC's Board will be reconstituted no later than March 24, 2009. GMAC's new seven-member...

2009-01-06 19:22:59

General Motors Corp. will be able to tap into a second helping of federal loans totaling $5.4 billion on Jan. 16, the U.S. Treasury Department says. The loan is part of the federal government's $13.4 billion effort to rescue the failing U.S. automaker, the Detroit Free Press reported Tuesday. GM and Chrysler LLC both received $4 billion loans last week and GMAC, the GM's former loan division that has become a bank holding company, has received $6 billion under the $700 billion federal...

2009-01-02 08:25:30

U.S. automaker General Motors Corp. said it would offer zero percent financing for several models through Jan. 5 after adjusting an agreement with GMAC. Automotive lending firm GMAC and GM said Friday the agreement would allow GM to offer some car loans through a third-party financing source, The Wall Street Journal reported Friday. Previously, in accordance with a 2006 agreement, whenever GM offered financing at lower than market rates, it had to do so through GMAC, the Journal said. The new...

2008-12-30 07:00:00

DETROIT, Dec. 30 /PRNewswire/ -- GMAC Financial Services will immediately resume auto financing for a broader spectrum of U.S. customers as a result of expanded access to funding as a bank holding company. The company will modify its credit criteria to include retail financing for customers with a credit bureau score of 621 or above, a significant expansion of credit compared to the 700 minimum score put in place two months ago. GMAC's application to become a bank holding company...


Word of the Day
vermicular
  • Like a worm in form or movement; vermiform; tortuous or sinuous; also, writhing or wriggling.
  • Like the track or trace of a worm; appearing as if worm-eaten; vermiculate.
  • Marked with fine, close-set, wavy or tortuous lines of color; vermiculated.
  • A form of rusticated masonry which is so wrought as to appear thickly indented with worm-tracks.
This word ultimately comes from the Latin 'vermis,' worm.
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