Reuters: Bankruptcy News: ResCap reports $109 mln in losses since bankruptcy

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ResCap reports $109 mln in losses since bankruptcy Jul 25th 2012, 23:37 By Karen Freifeld NEW YORK, July 25 | Wed Jul 25, 2012 7:37pm EDT NEW YORK, July 25 (Reuters) - Residential Capital LLC, the bankrupt mortgage lending unit of Ally Financial Inc, lost $109.3 million in the month and a half since it filed for bankruptcy. The losses were disclosed in a June monthly operating report filed Wednesday in U.S. Bankruptcy Court in Manhattan. Taxpayers own about 74 percent of Ally, which did not file for bankruptcy. Ally put ResCap into Chapter 11 on May 14 as a means of addressing the unit's mortgage-related liabilities. On July 18, ResCap asked a judge for permission to pay as much as $17.8 million of bonuses and incentive payments to hold onto 191 key employees. A hearing to approve ResCap's proposed payout is scheduled for Aug. 8 before U.S. Bankruptcy Judge Martin Glenn in Manhattan. The case is In re Residential Capital LLC, U.S. Bankruptcy Court, Southern District of New York, No. 12-12020.

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