GMAC Financial Services said Monday that it does not intend to seek protection under the U.S. Bankruptcy Code and continues to meet all its obligations.
General Motors Corp., which filed for bankruptcy Monday, owns 49% of GMAC. The finance company got a $5 billion capital infusion from the Treasury Department's Troubled Asset Relief Program when it became a bank holding company several months ago.
As a creditor of GM, GMAC said it is taking "appropriate steps" to protect its interests during the automaker's restructuring. GM has submitted a motion to the bankruptcy court that would let its direct business with GMAC continue during bankruptcy proceedings.
