ResCap deal provides funding and time

ResCap deal provides funding and time GMAC completed a refinancing and funding package of more than $60 billion aimed at improving the liquidity of its struggling subsidiary, Bloomington mortgage lender Residential Capital (ResCap). As part of the plan, ResCap offered to exchange up to $14 billion in debt to extend the notes' due dates. Bondholders had offered about $8.6 billion worth of notes when the offer expired Wednesday. Bondholders participating in the exchange offer will get new debt, at higher interest rates, that ResCap will have longer to pay back.

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Hormel plans to buy stock, boost dividends Hormel Foods Corp., the meat processor based in Austin, Minn., plans to continue increasing dividends and repurchasing shares to align its yield with other packaged-food companies. "Few companies can claim that they have over 42 years of consecutive annual dividend increases," Chief Financial Officer Jody Feragen said during a presentation to investors in New York.