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Mon January 23, 2012
Detroit Science Center still looking for funds, bank asks for liquidation
When the Detroit Science Center closed its doors last September because of cash shortfalls, officials there said they would reopen in early October.
It proved to be wishful thinking.
The Center continues to look for ways to drum up enough money to reopen.
Crain's Detroit Business' Sherri Welch reports that one bank is calling for liquidation:
Sources tell Crain's that Citizens Bank of Flint is demanding the Detroit Science Center board bring in liquidators so that the bank can recoup some portion of the money owed to it by the science center through the sale of its contents.
Citizens holds the debt on a $1 million credit line which is bundled with a $4.8 million mortgage tied to the science center's 2001 expansion.
The bank did not return messages left Thursday afternoon.
Welch says sources tell her that GM and Ford have "promised money to help bail the science center out." $10 million is being sought to cover debt and operating expenses for both the Detroit Science Center and the Detroit Children's Museum.
The Detroit Children's Museum, which is housed in the Detroit Science Center, closed its doors earlier this month. A message on their Facebook page posted on January 19 says, "we are still working on a reopening plan with Detroit Public Schools. Please stay tuned for more details."