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GM Quickly Working to Sell GMAC Stake

January 13, 2006

DETROIT -- General Motors’ CFO Fritz Henderson said the automaker is “moving pretty fast” with executing its plan to sell a controlling stake in its GMAC finance operation, according to AutoRemarketing.com.

According to the report, Henderson said that GM has heard from potential buyers who meet the automaker’s conditions, and that GM is attempting to meet the provisions set by Standard and Poor’s to raise GMAC’s BB junk rating two steps to investment grade.

Along with the attempt to sell a controlling stake in GMAC, the automaker announced a four-point plan in late December designed to help get the company out of the red. As part of the plan, nine assembly, stamping and powertrain facilities and three service and parts operations are slated to cease business.

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