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Cerberus says GMAC may face difficulty: report



    NEW YORK (Reuters) - GMAC LLC, the auto and mortgage lender controlled by Cerberus Capital, may face "substantial difficulty" if credit markets do not improve, Cerberus founder Stephen Feinberg wrote in a January letter to investors, Bloomberg News reported on Thursday.

    "We have detailed contingency plans in a continuing worsening environment," Feinberg wrote, according to Bloomberg. "However, if the credit markets continue to decline and we find ourselves in a prolonged environment of capital market shutdown, GMAC could run into substantial difficulty."

    A Cerberus spokesman was not immediately available to comment.

    (Reporting by Jonathan Keehner and Megan Davies)