Mealey's Bankruptcy - Detroit: Institute To Pay City $816M In Return For Promise To Preserve Art

Mealey's Bankruptcy - Detroit: Institute To Pay City $816M In Return For Promise To Preserve Art

DETROIT - The bankrupt City of Detroit on April 28 filed a brief in the U.S. Bankruptcy Court for the Eastern District of Michigan objecting to a motion filed by a group of creditors who want the Bankruptcy Court to order the city to cooperate in the due diligence process of valuing art in the Detroit Institute of Arts (DIA) in preparation for a sale. The city contends that it has reached a settlement with the DIA in which the institute will provide $816 million to the city in return for the city's commitment to preserve the art (In Re: City of Detroit, No. 13-53846, Chapter 9, E.D. Mich. Bkcy.).

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