by Calculated Risk on 5/05/2008 11:32:00 AM

From Bloomberg: ResCap Says It May Not Be Able to Meet Debt Obligations in June

Residential Capital LLC, the mortgage- finance company owned by GMAC LLC, said it will still need to come up with $600 million by the end of June to meet its debt requirements even if its bond exchange offer is successful.
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``There is a significant risk that we will not be able to meet our debt service obligations, be unable to meet certain financial covenants in our credit facilities, and be in a negative liquidity position in June 2008,'' ResCap said in a filing to the Securities and Exchange Commission today.