General Motors Acceptance Corporation
ORG
General Motors General Motors Acceptance Corporation
General Motors hustled to raise much-needed cash by selling assets, notably a majority stake in its financing arm, the General Motors Acceptance Corporation, for $7.4 billion immediately. G.M. also sold a 78 percent stake in the GMAC Commercial Holding Corporation, a real estate venture, for $1.5 billion in cash. G.M. estimates its liability from the Delphi bankruptcy will be $5.5 billion to $12 billion, meaning that the G.M.A.C. sale may not be enough to cover it.