Cobo Convention Center Issues Statement Following Detroit Bankruptcy
The Cobo Convention Center, which is currently undergoing a $279 million renovation, issued the following statement in the wake of the city of Detroit's bankruptcy filing on Thursday: "The Cobo Convention Center is an independent regional entity funded by its revenue and the state of Michigan. It is not an asset of the city of Detroit and it has never been more financially stable than it is today."
The Detroit Metro Convention & Visitors Bureau (DMCVB), which promotes the region as a business, meetings and tourism destination, did not immediately respond for comment. According to its website, the bureau is an independent, nonprofit economic development organization that receives its funding from membership dues and hotel assessments, not the city.
According to news reports, city officials believe Detroit's debt ranges between $18 billion and $20 billion. The bankruptcy filing leaves the city with an uncertain future, which might include laying off municipal employees, selling off assets, raising fees and scaling back basic services, such as trash collecting and snow plowing, according to the Associated Press.