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Latest Cerberus Capital Management Stories

2009-06-01 07:41:00

AUBURN HILLS, Mich., June 1 /PRNewswire/ -- Chrysler LLC today announced that the U.S. Bankruptcy Court, Southern District of New York, has approved its request to sell substantially all of its operations to Chrysler Group LLC, the new company formed in alliance with Fiat SpA. "With this approval, the new Chrysler Group is created and can prepare to launch as a vibrant new company formed with Fiat," said Robert L. Nardelli, Chairman and Chief Executive Officer of Chrysler LLC. "Through the...

2009-06-01 07:33:00

DETROIT, June 1 /PRNewswire/ -- GMAC Financial Services is a creditor of General Motors Corp. (GM) and as such is taking the appropriate steps to protect GMAC's interests during GM's restructuring. GM has submitted a motion to the U.S. Bankruptcy Court that, pending approval, would allow its direct business with GMAC to continue in the ordinary course during GM's restructuring. In addition, GMAC has been advised by GM that GM will take appropriate steps in the bankruptcy court to...

2009-05-22 17:00:00

AUBURN HILLS, Mich., May 22 /PRNewswire/ -- The following comments on Chrysler and GMAC Financial Services can be attributed to Jim Press, Chrysler Group Vice Chairman and President, North American and International Sales, Global Marketing, Product Strategy, Service and Parts: "With nearly 90 percent of our U.S. dealers now activated for retail business through GMAC Financial Services, we're very pleased about the U.S. Department of the Treasury's announcement yesterday to invest in GMAC,...

2009-05-20 14:30:00

AUBURN HILLS, Mich., May 20 /PRNewswire/ -- Chrysler LLC today announced that C. Robert Kidder, former Chairman of Borden Chemical Inc. and of Duracell International Inc., will become Chairman of Chrysler Group LLC, once it completes its acquisition of the operating assets of Chrysler LLC and completes a global alliance with Fiat SpA. He will succeed Robert L. Nardelli. "We are most fortunate that Bob Kidder will lead the new company through its transformation," said Nardelli. "My...

2009-05-20 15:20:32

The U.S. Treasury is planning to announce a $7.5 billion loan for GMAC LLC, sources close to the deal making said Wednesday. The Treasury's recently concluded bank stress tests concluded with the government's mandate that GMAC find $11.5 billion in additional capital to weather a potential downturn in the economy. In December, the government loaned GMAC $5 billion with a purchase of preferred stock. Those shares, if turned into voting stock, would give the government 35 percent of the...

2009-05-16 09:02:57

Auto financing firm GMAC says it will rename itself Ally Bank, reflecting its re-launch as a bank holding company in the wake of auto industry woes. The new name marks the moving away from a GMAC brand that goes back to 1919 when it was established in Detroit as General Motors Acceptance Corp. to help post-World War I consumers purchase their first automobiles, The Wall Street Journal reported. GMAC needed to convert to a bank holding company to access $5 billion in U.S. Treasury bailout...

2009-05-15 09:56:15

The U.S. Treasury said it would offer $22 billion in loans to insurance companies that qualified for federal assistance. Several insurance companies scrambled to buy savings and loans after the government assembled the $700 billion Troubled Asset Relief Program last fall as a bailout for banks. After receiving tentative approval for the funds in April, the Treasury said Thursday that Hartford Financial Services Group, Prudential Financial, Lincoln National, Allstate, Ameriprise and Principal...

2009-05-07 16:15:00

NEW YORK, May 7 /PRNewswire/ -- GMAC Financial Services today confirmed capital requirements for the company resulting from the Federal Reserve's Supervisory Capital Assessment Program (S-CAP). In connection with this program, GMAC has committed that no later than Nov. 9, 2009, the company will have increased the common shareholder equity component of Tier 1 capital by $11.5 billion, of which $9.1 billion must be new Tier 1 capital. Methods to increase capital could include issuance of...

2009-05-05 06:58:00

- First quarter net loss of $675 million - Weak economic conditions and legacy credit costs adversely affected results - Increased levels of consumer credit extended in the quarter: $3.8 billion in auto and $13.4 billion in mortgage - Tier 1 capital ratio of 10.6 percent; Tier 1 common ratio of 7.3 percent - GMAC Mortgage begins participating in Home Affordable Modification Program - GMAC becomes preferred provider of automotive financing for Chrysler dealers and customers NEW YORK, May...

2009-04-30 14:02:00

NEW YORK, April 30 /PRNewswire/ -- Cerberus Capital Management, L.P. ("Cerberus") issued the following statement today, attributable to Mark Neporent, Cerberus Chief Operating Officer and General Counsel. "Cerberus has worked diligently with the U.S. Department of Treasury, Mr. Bloom, Mr. Rattner and the other members of the President's Auto Task Force, Fiat, the UAW, the Lenders and all major constituencies to facilitate the restructuring of Chrysler, LLC. We appreciate the support for...


Word of the Day
lunula
  • A small crescent-shaped structure or marking, especially the white area at the base of a fingernail that resembles a half-moon.
This word is a diminutive of the Latin 'luna,' moon.
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