• By Ben Wojdyla
    Oct 10, 2008 10:40 AM 900
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    GM To Keep HQ In Detroit But Move Employees Somewhere Cheaper

    Caption This: F/A-18 Hornet Flyby Edition

    GM Offered Tax Free Zone To Stay In Detroit
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    Pension Board Blinks As GM Seeks $500 Million For RenCen Refinance

    Though no formal up or down vote has been called, General Motors may be out of luck getting the $500 million in local refinancing for its Renaissance Center world headquarters we reported on Tuesday. The Detroit News now says members of Detroit's city pension board and Police & Firefighter's Fund board think GM's refi request is too much money for the funds to support given the current global auto market. Talk about a vote of no confidence in one the city's biggest employers.

    Options now include seeking other methods of funding or actually selling off the RenCen though if a sale were to take place, GM would retain the headquarters on lease. Considering GM bought the whole place in May for $626 million and now is considering refinancing, this reminds us of our own investments these days: Buy high, sell low and the like. [DetNews]


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