RenCen refinance splits board

GM outlines case to borrow $500M from two city pension funds Robert Snell / The Detroit News DETROIT -- General Motors Corp. executives outlined a plan Thursday to borrow $250 million from a city pension fund and refinance the Renaissance Center, but pension fund members did not take any action on the request. Several Detroit Police & Fire Retirement System trustees said it is unclear when, or if, the proposal will be voted on by the 11-member board. Two trustees are against loaning GM that much money considering the automaker's financial problems, which stem from an 18 percent drop in sales this year, a credit crunch and consumer shift away from profitable trucks and sport utility vehicles. "It's just too much money," Trustee Barbara-Rose Collins said. "We can't uphold General Motors if they are having cash flow problems."... [read full story]