General Motors Corp. cleared a key hurdle in its deal to sell a majority stake in its General Motors Acceptance Corp. on Thursday after the federal agency that backs pensions said it will not hold buyers liable for GM's employee benefit plans. Detroit-based GM said in April it would sell a 51% stake in GMAC to Cerberus Capital Management LP for $10 billion. One of the conditions required to close the deal was assurance that the Pension Benefit Guaranty Corp. would not hold Cerberus liable for GM pension benefits should the troubled automaker default on its obligations. GM, in a filing with the Securities and Exchange Commission filing, said the buyers received a letter from the PBGC saying it would not impose liability on the buyers. —Lou Whiteman
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