NEW YORK - (Mealey's) GMAC-RFC Holding Co. LLC filed for
Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of
New York on May 14 despite listing more than $ 1 billion in assets (In Re:
GMAC-RFC Holding Company LLC, No. 12-12029, Chapter 11, S.D. N.Y. Bkcy.).
On the same day, Bankruptcy Judge James M. Peck authorized the joint
administration of the bankruptcy with the Chapter 11 proceeding of Residential
Capital LLC and more than 40 of ResCap's affiliates.
GMAC lists its largest creditor as Deutsche Bank Trust Co., which holds a variety
of secured notes with a combined value of $ 956,315,200.
The joint administration order combines the GMAC bankruptcy with the Chapter 11
proceedings of Residential Capital LLC, Residential Funding Co. LLC, Ditech
LLC, DOA Holding Properties LLC, DOA Properties IX LLC, EPRE LLC, Equity
Investment I LLC, ETS of Virginia Inc., ETS of Washington Inc., Executive
Trustee Services LLC, GMAC Borrower LLC, GMAC Model Home Finance I LLC, GMAC
Mortgage USA Corp., GMAC Mortgage LLC, GMAC Residential Holding Co. LLC, GMACR
Mortgage Products LLC, GMACM REO LLC, GMACRH Settlement Services LLC, HFN REO
Sub II LLC and Home Connects Lending Services LLC.
The bankruptcy judge's order also authorized the joint administration of the
GMAC Chapter 11 proceeding with the bankruptcies of Homecomings Financial LLC,
Homecomings Financial Real Estate Holdings LLC, Ladue Associates Inc., Passive
Asset Transactions LLC, Pati A LLC, Pati B LLC, Pati Real Estate Holdings LLC,
Rahi A LLC, Rahi B LLC, Rahi Real Estate Holdings LLC, Residential Consumer
Services of Alabama LLC, Residential Asset Securities Corp., RCSFJV2004 LLC,
Residential Accredit Loans Inc., Residential Asset Mortgage Products Inc.,
Residential Consumer Services of Ohio LLC, Residential Consumer Services of
Texas LLC, Residential Consumer Services LLC, Residential Funding Mortgage
Exchange LLC, Residential Funding Mortgage Securities I Inc. and Residential
Funding Mortgage Securities II Inc.
Also jointly administered with the GMAC Chapter 11 case are the bankruptcies of
Residential Funding Real Estate Holdings LLC, Residential Mortgage Real Estate
Holdings LLC, Residential Mortgage Real Estate Holdings LLC, RFC Holdings II
LLC, RFC Asset Management LLC, RFC Borrower LLC, RFC Construction Funding LLC,
RFC-GASP Servicer Advance LLC, RFC REO LLC and RFC SFJV-2002 LLC.
GMAC is represented by Larren M. Nashelsky of Morrison & Foerster in New
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could this be of effect for those who their home in forclosure by GMAC