CHICAGO - A bond-financed deal that would have brought new owners and renovations to Detroit's convention center appears dead after the Michigan Court of Appeals Friday upheld an earlier ruling blocking the state-crafted deal.

The ruling favored the Detroit City Council's recent rejection of the proposal, which would have allowed a regional authority to purchase, renovate, and expand the aging Cobo Center. Home to the North American International Auto Show, it is considered one of the city's chief economic engines, bringing in roughly $600 million annually for the cash-strapped city.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.