After several contentious months in Chapter 11
reorganization, bankrupt mortgage lender ResCap is close to a deal with key
creditors, The Post has learned — news that is likely a plus for taxpayers but
bad news for hedge fund billionaire John Paulson.
The two sides grew close to a deal during mediation sessions
this week after Ally, the government-owned parent of ResCap, agreed to fork
over much more than the $750 million it had on the table, sources said.
Filing a reorganization plan by the May 7 deadline could
make it easier for Ally to step away from the lender’s liabilities and raise
cash — either through the sale of assets or by taking its remaining
auto-lending and online-bank business public — to pay back Uncle Sam…
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