ResCap creditors seek cash from Ally asset sales, WSJ reports

November 27, 2012

Creditors owed billions of dollars by Ally Financial's mortgage subsidiary want cash from a number of asset sales before it goes to the U.S. government which funded a $17.2B bailout of the firm and owns 74%, reports the Wall Street Journal. The creditors, of mortgage firm Residential Capital LLC, are seeking over $9B that Ally plans to collect from sales of its international operations, including a $4.2B deal with General Motors (GM). Ally planned to repay the Treasury from the asset sales.