Deals
Ally Said to Receive Treasury Assent on ResCap Bankruptcy
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Ally Financial Inc., the auto lender majority-owned by U.S. taxpayers, received Treasury Department approval for plans to put its Residential Capital unit into bankruptcy, an Obama administration official said.
The Treasury will support directors at Ally and ResCap if they decide that seeking court protection from creditors is the best course, said the official, who asked for anonymity because the arrangements haven’t been made public. The approval is conditioned on a review of final terms, the person said.