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10-28-2009, 06:27 PM #1
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GMAC May Receive Third Government Bailout in November (Updat
GMAC May Receive Third Government Bailout in November (Update3)
By Dakin Campbell and Rebecca Christie
Oct. 28 (Bloomberg) -- GMAC Inc., the lender that received two government bailouts totaling $13.5 billion, is negotiating with the Treasury Department for a possible third lifeline next month, people familiar with the matter said.
The U.S. is studying a capital injection of $2.8 billion to $5.6 billion, according to the people, who declined to be identified because the transaction hasn’t been agreed upon. GMAC may require less than the full amount because an improving market has made conditions less dire than envisioned, said one of the people. The Detroit-based lender also sold $2.9 billion of federally backed debt today.
GMAC may get more government money because the Obama administration regards the lender as crucial to the survival of the U.S. auto industry. General Motors Co., its former parent, and Chrysler Group LLC rely on the firm to finance their vehicle buyers. GMAC will report third-period results on Nov. 4, after losses in seven of the past eight quarters.
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