The GMAC debt swap tender date expired on 12/26, but they apparently still don't have a final tally of the bonds available to let the world know if the deal went through or not. Or so the company says:
“Once the results are finalized, we will disclose that information,” Gina Proia, a spokeswoman for Detroit-based GMAC, said in a telephone interview today.
We suspect that that it's not their inability to count quickly that's the problem -- if the deal were done, the results would have been trumpeted lickety split. Our guess is that they didn't get the 75% of the bonds they needed for the deal to get done by the 12/26 deadline. They probably spent the weekend beating the bushes, doing some behind the scenes arm twisting and maybe some horse trading hoping to get the thing done. And they still might be doing that.
GMAC Debt Swap Still Being Tabulated, Company Says - Bloomberg
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