GM wants immediate access to the parts and equipment so it can have a new supplier in place to begin making components by Jan. 12 to avoid a major disruption to its assembly operations. 'Even one day's disruption in supply of certain component parts could cause a shutdown of GM assembly operations, disrupting not only GM's business, but the operations of countless suppliers, dealers, customers and other stakeholders,' the lawsuit said. Cadence did not return a call for comment on Friday. Separately, shares of GM rose 41 cents, or nearly 12.6 percent, to close at $3.66 on Friday. Late Wednesday the U.S. Federal Reserve granted bank holding status to GM's financing arm, GMAC Financial Services LLC, which made GMAC eligible for money from the government's $700 billion bank rescue plan, saving the lender from possible bankruptcy. The move came just days after the White House threw GM and Chrysler a $17.4 billion emergency lifeline. The financing arm of GM had until midnight Friday to clear a final hurdle in its quest to become a bank holding company, even though it had received the Fed's stamp of approval earlier this week. GMAC was required to complete a complicated debt-for-equity exchange by 11:59 p.m. eastern time Friday. The effort to raise $30 billion in equity from bondholders was helped along late Wednesday by the Fed's decision making the ailing auto- and home-loan provider eligible to access the government's bank rescue fund. GMAC wouldn't say Friday how close the company was to completing the exchange. Yet both actions -- completion of the debt exchange and the Fed's acceptance of GMAC as a bank holding company -- were contingent on each other. The Fed apparently needed to see that the bondholders were willing to inject more capital into GMAC, while GMAC bondholders needed reassurance that the Fed would approve GMAC's application to qualify for federal aid. 'The success builds upon itself. The Fed vote sends a strong signal to the remaining bondholders to help them reach a deal,' said Scott Talbott, a financial services lobbyist in Washington, D.C. The Fed's action Wednesday came as GMAC was still struggling to get bondholders to convert 75 percent of their debt into equity of the company. Analysts had speculated that without financial help, GMAC would have had to file for bankruptcy protection or shut down, dealing a serious blow to GM's own chances for survival. The Fed cited 'emergency conditions' in justifying its decision. GMAC's goal is to reach $30 billion in capital, the majority of which would come from the exchange of debt. Another part of the equity requirement included a demand from the Fed that $2 billion of the total come from new equity. So far, GMAC has received a commitment of $750 million from its parent firms, GM and Cerberus Capital Management.