General Motors is currently drafting a business plan proposal to present to Congress next month in order to receive at least $25 billion in low cost loans, but, as it turns out, the plan may include more than just how the automaker intends to turn around its North American operations.
According to Automotive News, GM has contacted real estate agent Jones Lang LaSalle in a bid to recoup $257 million through the sale and leaseback of several European office properties. GM is currently attempting to free up $4 billion in cash in order to avoid Chapter 11 bankruptcy filing.
Although GM did confirm that it was in talks with Jones Lang LaSalle, the Detroit automaker is keeping tight lipped about which properties might be on the auction block. However, a person familiar with the situation revealed that some of the properties up for consideration include Saab offices in Sweden and Vauxhall’s headquarters in England.
It remains unclear if the two are related, but a new report surface earlier on Friday that GM was considering axing its Saab brand, which could be backed by GM’s decision to sell some of the Swedish automaker’s properties.
In addition to the European properties, GM is also reportedly looking to unload its Detroit headquarters, which the automaker bought just several months ago, following several years of leasing. The company has occupied the building since 1996 and completed $500 million in renovations in 2003.
11/28, 12:33 PM
posted by:
mayer_ray_nagin
I always wondered why they needed a market research dept in Vatican Square.
11/28, 12:33 PM
posted by:
usernamehere
It would be nice if GM are around long enough to build a few Camaros.
11/28, 1:34 PM
posted by:
AnonymousCoward
Eh… $257million? How much are they burning through PER MONTH?
11/28, 2:11 PM
posted by:
yarddog82abn
LOL ……..this is to mush…….
11/28, 5:29 PM
posted by:
Mutant@DCX
They are trying to sell the RenCen HQ also.
11/28, 6:12 PM
posted by:
Lariat Luxury Locomotive Liner No.3
Sell, sell, sell, and sell more!
11/29, 12:30 AM
posted by:
HalGameGuru
they’re scrabbling because the only real black hole for money they have, they cannot get rid of: The UAW obligations. Chap.11 would probably fix this but ruin their financial opportunities on the way. Any profit is enough to keep going, all of their foreign branches, except technically for saab, but really they are, are profitable. Making them a plus, all the losses come from here. If not for the UAW all those manufacturing jobs that got shuttled to canada and even moreso mexico would still be here and there’d be even more money circulating keeping the economy afloat.