Detroit Institute of Arts pleased with bankruptcy plan - New York News

Detroit Institute of Arts pleased with bankruptcy plan

Posted: Updated:
  • Detroit Institute of Arts pleased with bankruptcy planMore>>

  • Detroit files plan to fix debt, leave bankruptcy

    Detroit files plan to fix debt, leave bankruptcy

    Friday, February 21 2014 12:49 PM EST2014-02-21 17:49:57 GMT
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing for the first time a detailed look at what the Motor City would look like when it finally sheds its financial burdens.

DETROIT (AP) - A museum at the center of Detroit's bankruptcy case is praising a plan that would end the city's role in owning art.

The Detroit Institute of Arts says it would take control of thousands of pieces of art already at the museum but owned by Detroit. The DIA, as it is known, has pledged to raise $100 million for city pensions.

DIA Chairman Eugene Gargaro Jr. says it's a "historic day."

Art has been a controversial piece of the bankruptcy case because many creditors believe pieces could be sold to pay debts. Art has been valued at $450 million to $870 million.

Detroit's plan for the museum is part of a broader bankruptcy strategy released Friday. It must be approved by a judge.

  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
  • Local NewsLocal NewsMore>>

  • Dog found inside abandoned LI house

    Dog found inside abandoned LI house

    Friday, July 25 2014 7:03 AM EDT2014-07-25 11:03:02 GMT
    Officials say a dog found in an abandoned Long Island house was so matted and the nails so overgrown that the pooch could barely walk.
    Officials say a dog found in an abandoned Long Island house was so matted and the nails so overgrown that the pooch could barely walk.
  • The Big Idea

    Making New York City more energy efficient

    Making New York City more energy efficient

    Friday, July 25 2014 6:45 AM EDT2014-07-25 10:45:43 GMT
    More than half the population of New York City rides public transportation to work. No other metropolis in this country even approaches that percentage or the MTA's total number of riders. For that reason, New York likely ranks as the most energy-efficient city in the nation. But what would it take to make the city even more energy-efficient or even self-sufficient?
    More than half the population of New York City rides public transportation to work. No other metropolis in this country even approaches that percentage or the MTA's total number of riders. For that reason, New York likely ranks as the most energy-efficient city in the nation. But what would it take to make the city even more energy-efficient or even self-sufficient?
  • Bronx supermarket fire

    Bronx supermarket fire

    Friday, July 25 2014 6:19 AM EDT2014-07-25 10:19:31 GMT
    Authorities say a child and two firefighters have been injured in an overnight fire that spread through a Bronx supermarket.
    Authorities say a child and two firefighters have been injured in an overnight fire that spread through a Bronx supermarket.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices