Ally Exploring Ways to Repay Fed Bailouts
Ally Financial announced Tuesday in a filing with the SEC that it will explore alternatives to repay the Treasury for its $17.2 billion bailouts, according to The Detroit News. Ally must reach a payment agreement with the Feds before it can go forth with its planned IPO.
DETROIT — Ally Financial announced Tuesday in a filing with the Securities and Exchange Commission (SEC) that it is exploring new ways to repay the U.S. Department of the Treasury for its $17.2 billion bailouts, according to The Detroit News.
The Treasury reportedly still owns 74 percent of the company. After postponing its 2011 initial public offering (IPO), Ally is working to reach an agreement with the Feds in regards to the Comprehensive Capital Analysis and Review before it can move forward with an IPO in the near future.
“Ally is exploring a number of alternatives in furtherance of repaying Treasury and supporting its Comprehensive Capital Analysis and Review resubmission to the Federal Reserve Board, including a possible primary issuance of common stock by Ally, and the use of available cash (and the proceeds of any stock issuance by Ally) to address Treasury’s mandatorily convertible preferred shares,” Ally said in its filing with the SEC. “No decision has been made to pursue any approach under consideration and the implementation of any such approach may require regulatory and other approvals.”
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