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Latest Cerberus Capital Management Stories

2010-02-10 15:30:00

DETROIT, Feb. 10 /PRNewswire/ -- GMAC Financial Services and DealerTrack (Nasdaq: TRAK) today announced that the automotive lender will be added to the DealerTrack credit application network of more than 17,000 dealers as a financing option for their customers. GMAC will use the strategic relationship to broaden its customer base. The agreement will provide GMAC with access to retail financing applications from essentially all U.S. and Canadian dealers across all manufacturers. The...

2010-02-04 07:00:00

NEW YORK, Feb. 4 /PRNewswire-FirstCall/ -- GMAC Financial Services today reported a net loss of $5.0 billion for the fourth quarter of 2009, compared to net income of $7.5 billion for the fourth quarter of 2008. For the 2009 full year, GMAC reported a net loss of $10.3 billion, compared to net income of $1.9 billion in 2008. Results for the 2009 fourth quarter and full year were largely affected by losses related to legacy assets in the mortgage operations. Results for the 2008 fourth...

2009-12-30 15:36:00

NEW YORK, Dec. 30 /PRNewswire/ -- GMAC Financial Services today announced a series of actions intended to strengthen the company's capital base, position it for improved financial performance, minimize further adverse effects on GMAC related to Residential Capital, LLC (ResCap), and improve access to the capital markets over time. Additionally, the actions position GMAC to explore strategic alternatives for ResCap and the mortgage business and are expected to accelerate the timetable for...

2009-11-16 15:20:00

NEW YORK, Nov. 16 /PRNewswire/ -- The Board of Directors of GMAC Financial Services (GMAC) today named Michael A. Carpenter, a board member with extensive financial services experience, chief executive officer. The board has tasked Carpenter with accelerating the strategic and operational changes necessary to focus GMAC on its core auto finance and related businesses. Franklin W. Hobbs, GMAC chairman, said, "Mike Carpenter is a world-class CEO, and the board has great confidence that he is...

2009-11-06 14:57:00

NEW YORK, Nov. 6 /PRNewswire/ -- Cerberus Capital Management, L.P. ("Cerberus") issued the following statement in response to Moody's November 2009 Global Report: Moody's report is written from the perspective of the issuers of senior debt in rated transactions. The narrow definitions of "default" and "distressed" must be taken into account when assessing Moody's conclusions. The report does not address or reflect returns to the equity investors in these transactions, nor does it address...

2009-11-04 07:00:00

NEW YORK, Nov. 4 /PRNewswire/ -- GMAC Financial Services today reported a third quarter 2009 net loss of $767 million, compared to a net loss of $2.5 billion in the third quarter of 2008. Results in the quarter were adversely affected by losses related to legacy assets in the mortgage operations. During the quarter, certain business lines were classified as discontinued operations. These businesses, which include GMAC's U.S. consumer property and casualty insurance business and...

2009-10-28 15:14:00

DETROIT, Oct. 28 /PRNewswire/ -- GMAC Financial Services today announced that it has priced an offering for $2.9 billion of senior fixed rate notes guaranteed by the Federal Deposit Insurance Corporation (FDIC) pursuant to the FDIC Temporary Liquidity Guarantee Program (TLGP). The notes are due in October 2012. This offering further strengthens GMAC's liquidity position, which will support the company's ability to extend credit to consumers and businesses. With this offering, GMAC has...

2009-09-24 07:57:00

MIAMISBURG, Ohio, Sept. 24 /PRNewswire/ -- NP Investor LLC ("NPI"), an affiliate of Cerberus Capital Management, L.P., the indirect controlling shareholder of NewPage Corporation ("NewPage"), announced today that it has extended the Withdrawal Deadline of its previously announced cash tender offer (the "Second Lien Notes Offer") to purchase certain of NewPage's outstanding Floating Rate Senior Secured Notes due 2012 (the "Floating Rate Notes") and 10% Senior Secured Notes due 2012 (the...

2009-09-16 14:31:00

DETROIT, Sept. 16 /PRNewswire/ -- GMAC Financial Services today announced it has expanded its availability of leasing options to include Chrysler vehicles. "GMAC is introducing new competitive standard lease rates across the Chrysler product portfolio as we aggressively expand the availability of consumer credit for qualified buyers," said Bill Muir, GMAC president. "As the preferred financial services provider for Chrysler, we are also pleased to support a lease promotion by Chrysler for...

2009-09-14 06:30:00

MIAMISBURG, Ohio, Sept. 14 /PRNewswire/ -- NP Investor LLC ("NPI"), an affiliate of Cerberus Capital Management, L.P., the indirect controlling shareholder of NewPage Corporation ("NewPage"), announced today changes to its previously announced cash tender offer (the "Second Lien Notes Offer") to purchase certain of NewPage's outstanding Floating Rate Senior Secured Notes due 2012 (the "Floating Rate Notes") and 10% Senior Secured Notes due 2012 (the "10% Notes" and, together with the...


Word of the Day
Cthulhu
  • A gigantic fictional humanoid alien god being described with a head resembling an octopus and dragon wings and claws, around whom an insane cult developed.
  • Pertaining to the mythos of Cthulhu and additional otherworldly beings created by H. P. Lovecraft or inspired by his writings and imitators.
This word was invented in 1926 by H.P. Lovecraft for his short story, 'The Call of Cthulhu.' 'Cthulhu' may be based on the word 'chthonic,' which in Greek mythology refers to the underworld.
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