Buy high, sell low: GM may unload RenCen for the cash
Rather than selling the RenCen at a loss, the preferred plan reportedly would be to mortgage the property to one or both of Detroit's pension funds to the tune of $500 million, but seeing as they're both already heavily invested in downtown Detroit property, that's not likely to happen.
GM's ultimate goal is to quickly raise $5 billion by selling any non-essential assets, including things like the RenCen, HUMMER and its medium-duty truck business. If the RenCen were sold, GM would forego working out of a cardboard box by going back to leasing the office space it's currently using.
[Source: The Detroit News, Photo by Bruce Bennett/Getty]
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