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Residential Capital LLC is fighting to avoid bankruptcy
  Hedgeweb - THU, MAY 22 2008
News Residential Capital has said it may not be able to meet debt obligations unless it comes up with an additional $600 million by the end of June.

Residential Capital has been forced to stop making loans to borrowers with poor credit histories after losses of $5.3 bn during the past six quarters.

Residential Capital is part of General Motors Corp.'s finance arm (GMAC), which is owned by Cerberus Capital Management LP.

Minneapolis-based Residential Capital said late yesterday bondholders tendered $8.6 bn of notes as part of its offer to exchange or buy back $14 bn of debt to help to stave off bankruptcy. The transaction gives them time to come up with money to pay its debts and avoid a default.

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