Debt swap complete

GMAC LLC, the auto lender that received a US$6-billion federal bailout, has completed a debt swap designed to bolster its capital after falling short of its US$38 billion goal.

About 59 percent of its old notes eligible for the swap and 39 percent of the debt from its Residential Capital unit were tendered, according to a statement from Detroit-based GMAC. The goal was 75 percent.

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