DETROIT, June 1 /PRNewswire/ -- GMAC Financial Services has been notified that the U.S. Bankruptcy Court has approved a motion presented by General Motors Corp (GM) that enables GMAC to conduct its direct operations with GM in the ordinary course.
As previously stated, GMAC continues to conduct all of its operations, including offering automotive financing products and services to both GM and Chrysler dealers and customers.
GMAC is a bank holding company with a newly appointed board of directors and a diversified ownership structure. GMAC has not filed for Chapter 11, nor does it intend to.
SOURCE GMAC Financial Services
