General Motors today announced it has entered into a definitive agreement to sell a 51-percent controlling interest in General Motors Acceptance Corp. (GMAC) to a consortium of investors led by Cerberus Capital Management, a private investment firm, and including Citigroup, and Aozora Bank. GM expects to receive approximately $14 billion in cash from this transaction over three years, including distributions from GMAC, with an estimated $10 billion by closing. Last year, GM lost a total of $10 billion. There has been speculation that GM may be readying extra cash in anticipation of a strike at Delphi, which would cost the company $7 billion to $8 billion if it lasted 60 days.
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