Detroit bankruptcy won't affect show, says NAIAS
In a statement to the press, both the organizers of the annual North American International Auto Show (NAIAS), the largest automotive show in the nation, and the directors of the Cobo Center in which it is held, said that the recent filing for bankruptcy by the City of Detroit, Michigan will not affect the show.
When the city filed for Chapter 9 bankruptcy earlier this week, many around the nation were shocked and questions immediately rose about how this would affect the automotive industry and the largest and most-anticipated auto show in the nation, NAIAS. To allay those worries, a press statement from the people involved in organizing the show stated that the bankruptcy decision would not change NAIAS or its venue.
"The Detroit Chapter 9 bankruptcy has been anticipated for some time and will have no impact on the North American International Auto Show (NAIAS)," said a press release from the committee. "The bankruptcy filing was a good decision, given the state of affairs of the city over the past decade, and will give Detroit an opportunity to move forward by relieving the city of a legacy of liabilities - giving it a fresh start. That was the sole purpose. The direction by Detroit Mayor Dave Bing and Michigan Governor Rick Snyder was the right one, and will help Detroit turn the corner. Although surprising to many, it was a bold and positive move."
The Cobo Center is independent of city funding or management and is operated by a regional authority rather than Detroit itself and it requires no funding from the city to operate. The NAIAS is also independent of the city and depends upon it only for peripheral requirements around the show itself (policing, roadblocks, etc.), which are paid for up front.
The Cobo Center is currently undergoing the final stage of a $300 million renovation and the show itself is responsible for an estimated $350 million in economic impacts (hotels, restaurants, and many other services during the show) every year for Detroit and surrounds.