GM to borrow $500 million to refinance Renaissance Center

Yes, times are getting that bad. GM this week will meet with Detroit’s pension funds to invest in its world headquarters in downtown Detroit – the Renaissance Center. GM execs will meet with the Detroit’s Police and Fire Retirement System this Thursday.

GM will also meet Detroit’s General Retirement System to seek help in financing close to 80 percent, or $500 million, of the building.

According to company spokesman Tom Wilkinson, the search for an investor began in May when GM’s existing lease expired and GM ended up buying the building for $636 million.

GM confirmed that it has no plans to leave the Renaissance Center.

Source: Automotive News (Subscription Required)