Residential Capital LLC received another round of court approvals yesterday that will enable it to operate in bankruptcy, while competing bidders stepped in for its mortgage loan and servicing businesses, Reuters reported yesterday. Bankruptcy Judge Martin Glenn gave final approval to ResCap to allow it to continue paying employees and using its cash to pay other bills. Judge Glenn also said that he still expects to be presented with ResCap's proposed procedures for the asset sales at a June 18 hearing unless the company decides to delay the request. ResCap filed for bankruptcy last month with a plan in place for Nationstar Mortgage Holdings, owned by Fortress Investment Group, to make a $2.4 billion minimum offer for the mortgage servicing assets. Ally Financial, the parent company of ResCap, also agreed to buy a group of ResCap mortgage loans for $1.4 billion. Ally is not in bankruptcy.
