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GM Looks To Refinance RenCen

Posted in auto industry, Detroit, GM, Newsworthy by Suzanne Denbow | October 8th, 2008 | 1 Response |

After paying off debt on the building in May, GM is now looking to squeeze some cash out of its famous Detroit-based Renaissance Center. Careful to stress they are not considering selling the building, GM spokesperson Dan Flores explained, “This is a normal course of business for a corporation that owns a significant, valuable piece of real estate.” According to reports, opening company headquarters to outside investors is part of a $15 billion dollar liquidity plan announced in July, the ultimate goal of which is to generate an immediate positive cash flow for the ailing automaker. Although officials refrained from disclosing specific figures, sources report that GM’s plan to turn the RenCen into a cash cow could generate anywhere between $500 million to $4 billion for the credit-strapped company.

[News Source: Freep/Auto News]

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