General Motors' quest to sell a majority stake in General Motors Acceptance Corp. is moving forward.
The Associated Press reported last week that several groups of investors are interested in the deal. They include: Wachovia Corp., in conjunction with Kohlberg Kravis Roberts & Co.; JPMorgan Chase & Co., allied with JC Flowers & Co.; and Cerberus Capital Management. Proposals are expected in late January.
GM's goal is twofold: Raise cash and cut GMAC's cost of funds by distancing it from GM's junk-level bond rating.