PRESS DIGEST - New York Times business - Aug 6

(Reuters) - * Robert Nardelli, recently ousted amid shareholder
discontent as chief executive of Home Depot Inc. , has
been picked to lead Chrysler by its new owners, Cerberus
Capital Management [CBS.UL].




* The complex design of mortgage securities is confounding
homeowners struggling to avoid defaulting on their loans.


Read more at Reuters.com Mergers News

GMAC posts smaller profit as ResCap weighs

(Reuters) - Its Residential Capital LLC unit posted a net loss of $254
million, compared with a profit of $548 million a year earlier.
Year-earlier results included a $259 million one-time gain.




GM last November sold a 51 percent stake in GMAC for $14
billion to a group led by private equity firm Cerberus Capital
Management. The automaker kept the remaining 49 percent.


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UPDATE 1- GM's CDS spreads widen after debt postponement news

(Reuters) - The cost of protecting GM's debt for five years with credit
default swaps widened by 61 basis points to about 568 basis
points a year, or $568,000 for every $10 million of principal
protected, according to data from various brokers and dealers.




GMAC'S 8 percent bonds due in 2031 fell to 91.688 cents on
the dollar, down from 92 cents on Monday, according to
MarketAxess. GMAC is GM's former finance unit that is now
majority-owned by Cerberus Capital Management.


Read more at Reuters.com Bonds News

Chrysler Forced to Pay Higher Interest Rates on Debt for Cerberus Buyout

(Bloomberg) -- Chrysler increased the interest rates
on $12 billion of loans it is seeking to fund a buyout by
Cerberus Capital Management LP after investors balked at the
money-losing carmaker's original terms, lenders said.

The company raised the yield it is willing to pay on a $10
billion term loan for its auto unit to 3.75 percentage points
over the London interbank offered rate from 3.25 percentage
points it was seeking on June 28. Chrysler is offering Libor plus
at least 7 percentage points on a $2 billion second-lien loan,
compared with the 6 percentage points initially proposed, said
three investors, who declined to be named because the terms
aren't public.


Read more at Bloomberg Bonds News

Cerberus committed to Chrysler, confident of funding

(Reuters) - ROCHESTER, Mich., July 11 - Cerberus Capital Management Chairman John Snow said on Wednesday that the private equity firm is committed to making Chrysler Group a successful automaker. "We're committed to Chrysler. We're committed to making it an enormous success," Snow said to an audience of about 700 at the Detroit Economic Club.



Cerberus had agreed to buy the majority of automaker DaimlerChrysler's struggling Chrysler Group for $7.4 billion in May.


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Cerberus to bid for Canada's BCE

(Reuters) - The spokesman declined to say whether other parties would join the Cerberus bid.



) Keywords: BCE CERBERUS/


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Ford had talks over Jaguar, Land Rover sale- report

(Reuters) - Ford and Cerberus were not immediately available for
comment.




Read more at Reuters.com Mergers News