A group of bondholders has hired Andrew Rosenberg, a partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP, to represent them in opposing GMAC LLC's planned debt exchange.

GMAC notes are to be bought back for as little as 55 cents on the dollar or swapped for an equivalent amount of new senior guaranteed notes and preferred stock. GMAC, the largest lender to General Motors Corp. car dealers, said Nov. 20 that it had applied for status as a bank holding company so it can get access to the Treasury Department's $700 billion rescue fund and avoid default.

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