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RLPC-GMAC pulls sale of $2.7 bln loan portfolio

Thu Oct 2, 2008 3:20pm EDT

NEW YORK, Oct 2 (Reuters) -GMAC Commercial Finance has canceled the sale of a $2.7 billion portfolio of corporate loans due to weak market conditions, sources told Reuters Loan Pricing Corp on Thursday.

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GMAC had been quietly showing the portfolio to a small group of market participants before deciding to show it to the wider loan market on Wednesday.

A GMAC spokesperson confirmed to Reuters LPC that the sale has been terminated. The portfolio consisted of about 56 loans, mostly less liquid revolving credit lines.

GMAC is 51 percent owned by Cerberus Capital Management, with the remaining 49 percent owned by General Motors Corp GM.N

(Reporting by Tom Ryan; editing by Dena Aubin)

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