Cerberus Capital Management

GMAC, ResCap Running Out of Time 

Bankruptcy appears to be looming for GMAC LLC and its giant mortgage lending arm Residential Capital LLC, as investors have thus far balked at a $38 billion debt exchange needed to raise sufficient capital for the ailing financial giant to become a federally-chartered bank holding company. The company is extending a deadline for its exchange offer program to 5pm EST Friday evening, in a last-ditch attempt to stave off a bankruptcy filing.