Friday, Oct 28, 2016
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Detroit Institute of Arts says 'major announcement' coming Monday related to city's bankruptcy

DETROIT — The Detroit Institute of Arts says it will host a news event on Monday at which a “major announcement” will be made regarding a plan to help the city emerge from bankruptcy.

In a statement today, the museum says the gathering will be about the so-called “grand bargain,” which would preserve retiree pension benefits while protecting city-owned artwork housed at the DIA.

About 2,800 city-owned pieces of art have been valued at between $454 million and $867 million. Some creditors want Detroit to sell the art to help settle the city’s debt.

But the plan avoids the sale of art.

It combines state funds with commitments from foundations and the Detroit Institute of Arts to shore up the city’s retirement systems and transfers the DIA’s assets to a private nonprofit.

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