GMAC LLC said early Wednesday afternoon that it had successfully arranged more than $60 billion in new and refinanced credit for ailing mortgage arm Residential Capital LLC, in a move designed to push the lender through ongoing mortgage market woes. Touting the package as "one of the largest global refinancings ever completed," more than 50 firms were involved in structuring or restructuring financing for both GMAC and ResCap, the companies said. Among the deals involved in the financial package, GMAC said it had agreed to provide a $3.5 billion two-year credit facility to ResCap, which includes $750 million of first loss protection from General Motors Corp. (GM) and majority investor Cerberus Capital Management, L.P. -- that credit facility was seen by investors as critical to managing ResCap operations going forward, according to sources that spoke with Housing Wire earlier on Wednesday. "I am extremely proud of our team's achievement," said GMAC CEO Alvaro G. de Molina. "Executing a transaction of this magnitude and complexity in such a challenging capital markets environment demonstrates the dedication of our people and the international banking community's confidence in our company." The deal, somewhat surprisingly, also included $14 billion in private exchange and cash tender offers for outstanding debt. ResCap said earlier on Wednesday that it had extended its original offer deadline amid tepid response from investors. For many investors, the offers saw them exchange current notes for debt with longer maturities and higher interest rates — but at the cost of receiving less than the face value of their current investment. ResCap had said in previous filings with the SEC that it expects to issue $5.7 billion in new notes under the program. It also said in a separate filing with the Securities and Exchange Commission late Tuesday that both GMAC and Cerberus had agreed to provide roughly $2.4 billion in immediate cash funding to meet liquidity needs after a planned asset sale and hedging strategies at ResCap had failed. "Cerberus is confident of GMAC's future and is gratified by the support the company has received from the capital markets, as well as our continuing constructive partnership with GM," said Steven Feinberg, CEO of Cerberus Capital. Despite the refinancing, it's yet possible that ResCap will continue to run into financial difficulties, sources told Housing Wire. GMAC risk chief Sam Ramsey suggested otherwise. "This refinancing is expected to provide GMAC and ResCap with the important liquidity and financial resources to execute our business plan," he said. Disclosure: The author held no positions in GM when this story was originally published. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade.