Financially Distressed Companies

Ally says Q4 net income falls, GM relationship extended

12:35 pm U.S. ET | Feb. 6, 2014
Ally Financial said today it has posted fourth-quarter net income of $104 million and lower pretax income for its auto finance business. The lender also said its preferred-lender relationship with General Motors, set to expire Dec. 31, was extended while the companies negotiate a new pact.... Read More »


Ally plans $5.9 billion buyback to help lender exit U.S. bailout

10:21 am U.S. ET | Aug. 20, 2013
Ally Financial, the auto lender seeking to repay its government bailout, is raising $1 billion in a private placement and said it will pay $5.9 billion in a plan to buy back preferred shares held by the Treasury Department.... Read More »


Ally’s 2nd-qtr. loss widens on mortgage woes; auto lending profitable

10:14 am U.S. ET | July 31, 2013
Ally Financial's losses widened to $927 million in the second quarter, mostly related to its former mortgage subsidiary, but its core auto finance business posted a pretax profit on continuing operations of $382 million, down 13 percent from a year earlier.... Read More »


Ally's $2.1 billion payment to ResCap gets court's OK

7:50 am U.S. ET | June 27, 2013
A federal bankruptcy judge on Wednesday approved a settlement in which the government-owned Ally Financial, formerly the finance arm of General Motors, will pay $2.1 billion to its bankrupt mortgage unit Residential Capital.... Read More »


Ally to pay ResCap $2.1 billion to settle creditor claims

2:30 pm U.S. ET | May 23, 2013
Ally Financial, the auto lender majority-owned by the U.S. government, agreed to pay $2.1 billion to avoid lawsuits related to its bankrupt mortgage unit, Residential Capital.... Read More »


Ally clears barrier for IPO with plan to resolve mortgage claims

1:59 pm U.S. ET | May 14, 2013
Ally Financial moved closer to repaying its government bailout as the auto lender reached agreement with creditors of its bankrupt mortgage unit.... Read More »


GM's Akerson, Ally's Carpenter have pay, bonuses frozen by U.S.

9:22 am U.S. ET | April 27, 2013
The Treasury Department froze some 2013 pay for top executives at General Motors and Ally Financial, two companies yet to repay money received under special bailout terms during the financial crisis.... Read More »


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