GMAC bailout in jeopardy - KWWL - Eastern Iowa Breaking News, Weather, Closings

GMAC bailout in jeopardy

WATERLOO (KWWL) -- Investors should find out today if GMAC Financial, the finance arm of General Motors, will be part of a government bailout.

The company missed a deadline from the federal reserve to come up with a plan to manage its debt. Analysts have speculated that if GMAC doesn't obtain financial help it would have to file for bankruptcy protection or shut down, which would be a serious blow to parent GM's own chances for survival.

GMAC employs more than 600 people at its Waterloo office. It laid off 16 people there this past September.

Powered by Frankly