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

[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 firm’s 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.

“It’s not a bright future. It really isn’t, because our customers aren’t healthy and obviously we’re not healthy because of that,” Bing told WWJ-AM 950 this morning. “It’s tough for us to go out and borrow money to keep things going. It’s 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/BUSINESS01/91012059/1318/Bing-may-sell-his-auto-supply-firm

[stuball111]

1. Another American company about to be swallowed up by globalization...n/t

[rfranklin]

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.

[madrchsod]

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.