Cerberus Statement
NEW YORK, June 2 /PRNewswire/ -- Cerberus has not reduced or made any changes to its equity stakes in GMAC or Chrysler since the closing of either transaction. Cerberus continues to have voting control over both investments. It is common knowledge, and has been widely reported, that Cerberus made these investments side-by-side with its co-investors at the time of closing.
All co-investors were offered the opportunity to conduct full due diligence prior to making any investment in either transaction. Some co-investors, for their own reasons, determined to restrict their due diligence to unrestricted information only. Many co-investors availed themselves of the full access to due diligence, the GMAC and Chrysler management teams and the Cerberus investment teams in the course of making their investment decisions. Cerberus earns a promote on the co-investors capital only after the co-investors have received the return of their invested capital, plus a preferred return, on realized gains.
About Cerberus Established in 1992, Cerberus Capital Management, L .P., along with its affiliates, is one of the world's leading private investment firms with approximately $27 billion under management in funds and accounts. Through its team of more than 275 investment and operations professionals, Cerberus specializes in providing both financial resources and operational expertise to help transform undervalued companies into industry leaders for long-term success and value creation. Cerberus is headquartered in New York City, with affiliate and/or advisory offices in Atlanta, Chicago, Los Angeles, London, Baarn, Frankfurt, Hong Kong, Beijing, Tokyo, Osaka and Taipei. More information on Cerberus can be found at www.cerberuscapital.com. Media Contacts: Peter Duda: +1 (212) 445-8213
CONTACT: Peter Duda, +1-212-445-8213, for Cerberus Capital Management, L Web site: http://www.cerberuscapital.com/
2008-06-02 19:38:54 0375372 PRNEWSWIRE
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