New York Times (06/05/08) P. C3
GMAC has completed a $60 billion-plus refinancing package intended to improve the liquidity of its Residential Capital (ResCap) unit. As the mortgage lending business began to crumble last summer, ResCap recorded huge losses and has continued to struggle financially through the early part of this year. ResCap recently disclosed that it needs nearly $2 billion in cash by June 30 to meet liquidity demands. It previously estimated needing only $600 million by that date.
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