20-eight Detroit megafirms, including the Big 3 automakers, have taken out a full-page ad in the Sunday editions of The New York Times and Washington Post, along with Detroit Free Press and Detroit News, touting the city’s economic opportunities despite its massive bankruptcy filing.
“The renewed energy of our city is palpable and real,” it says (the whole thing is at the bottom of the post).
It notes that both residential and downtown commercial occupancy rates “are at their highest level in decades,” and that “10,000 people” have relocated offices to within city limits.
All that may be true, but the city still faces a blistering fight over billions in unsecured debt, a struggle that could have implications for the entire muni-bond market.
According to his blog post, Blue Cross Blue Shield of Michigan CEO Daniel J. Loepp says he conceived of the campaign after having “grown weary of the onslaught of negative reports that painted Detroit as a dying city, with too little attention paid to the thriving downtown, Midtown and other areas filled with promise.”
You’ll be able to catch the ad until Sept. 30 in lots of other places including the Wall Street Journal, Financial Times, and Politico.
Here’s the whole thing: