Bloomberg: ResCap Wins Approval to Repay Ally
Bloomberg reported that Residential Capital won court permission to repay more than $1.9 billion in debt immediately, including $1.1 billion to parent Ally Financial that the defunct mortgage company borrowed before filing for bankruptcy.
The article said ResCap will make the payments before finishing a plan to distribute more than $4 billion in cash to all creditors, who are owed at least $6.3 billion.
To read the entire Bloomberg story, click here.
Previously on abfjournal.com: