Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Bing may sell his auto-supply firm (He's having trouble borrowing money)

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
Home » Discuss » Places » Michigan Donate to DU
 
Bozita Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-12-09 04:42 PM
Original message
Bing may sell his auto-supply firm (He's having trouble borrowing money)
Edited on Mon Oct-12-09 04:44 PM by Bozita
Source: Detroit Free Press

POSTED: 4:59 P.M. OCT. 12, 2009 | UPDATED: 5:13 P.M. TODAY
Bing may sell his auto-supply firm
BY SARAH WEBSTER
FREE PRESS BUSINESS WRITER


Detroit Mayor Dave Bing said he is considering selling the automotive supply company he founded, The Bing Group, because he is having trouble borrowing money and his firms lack of global scale is likely to impede its long-term success.

The Detroit-based Bing Group is a provider of stamped and processed steel.

Its not a bright future. It really isnt, because our customers arent healthy and obviously were not healthy because of that, Bing told WWJ-AM 950 this morning. Its tough for us to go out and borrow money to keep things going. Its a tough situation.

Bing said he expects to make a decision about whether to sell his company during the first quarter of 2010.

Read more: http://www.freep.com/article/20091012/BUSINESS01/910120...
Refresh | 0 Recommendations Printer Friendly | Permalink | Reply | Top
stuball111 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-12-09 04:51 PM
Response to Original message
1. Another American company about to be swallowed up by globalization...n/t
Printer Friendly | Permalink | Reply | Top
 
rfranklin Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-12-09 06:34 PM
Response to Original message
2. It will be like a Mafia bust-out...
Investment bankers buy it for a song, fire as many workers as they can, squeeze the rest of the employees by lowering wages and reducing benefits, overextend the company's credit with their suppliers, and finally declare bankruptcy after every cent possible has been sucked out.
Printer Friendly | Permalink | Reply | Top
 
madrchsod Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-13-09 07:32 AM
Response to Original message
3. he did`t stand a chance.....
there`s a company in india that has under cut the steel parts prices of any company in the world. they have under cut the price of the south korean suppliers who undercut the price of american suppliers. instead of buying quality made in the usa parts, us companies are buying cheap,out of spec,and filthy parts from india.

another sad day for america and the american worker.
Printer Friendly | Permalink | Reply | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Tue Sep 16th 2014, 05:22 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Places » Michigan Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC