Aboard the 'distress bus' with the consultants making the weekly commute to Motor City.
Every Monday morning at 7:29 A.M. Northwest flight 533 from LaGuardia to Detroit pulls out of the gate, its first-class cabin filled with bankers, consultants, and lawyers who work with beleaguered auto companies. These days some of them have become such regulars that they've given the DC-9 its own moniker - the Distress Bus.
The situation in Detroit has been bad for a while, but now it's really bad - and not just for the Big Three. Hundreds of auto parts suppliers are even worse off, having spent more than $500 million in the past year in fees to advisors to help them find cash, negotiate with lenders, and plan cutbacks. And while under normal circumstances those advisory firms might send operations experts from their offices on the ground in Detroit, as the crisis has worsened they've been shuttling in the heavy-hitters from New York.
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