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

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Bozita Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-12-09 04:42 PM
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Bing may sell his auto-supply firm (He's having trouble borrowing money)
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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

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.

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