GM May Sell Detroit Home Base

Firm seeks investment from pension funds in landmark Renaissance Center
By Nick McMaster,  Newser Staff
Posted Oct 7, 2008 4:46 PM CDT
A Navy Corvair flies by the Renaissance Center in Detroit during opening ceremonies at Red Bull Air Race on Saturday, May 31, 2008 in Windsor, Ontario, Canada.   (AP Photo/Jerry S. Mendoza)
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(Newser) – General Motors will ask to borrow $500 million from pension funds for Detroit city employees to refinance its headquarters, the Renaissance Center, the News reports. The firm will make a pitch to the police and fire retirement system Thursday; GM will consider selling the landmark and leasing office space inside if it can’t get the funds. No matter what, GM said, it will not leave Detroit.