Art Collection Digs Detroit Out of Bankruptcy

  • November 09, 2014 17:14

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Madonna & Child painting (1507) by Giovanni Bellini at Detroit Institute of Arts.

It appears that U.S. District Judge Gerald Rosen has successfully navigated his so-called Grand Bargain to ease Detroit out of bankruptcy in a relatively short 15 months. His plan effectively went forward on Friday when Detroit's Chapter 9 case concluded.

The Grand Bargain has safeguarded Detroit Institute of Arts' collection from being sold off to pay city creditors. The judge and DIA officials networked to raise $816 million in funds from foundations and other donors to pay for the art to be put in a foundation so the city could pay part of its pension shortfall.

Detroit is far from free of its long decline in which $18 billion in debt accumulated. but the future is brighter. Judge Rosen said on Friday, the DIA represents an "invaluable beacon" to attract visitors and has deep benefits for the community.

Read more at wsj


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