Colorado Springs News, Sports & Business

Gazette Premium Content Detroit museum pleased with bankruptcy plan

Associated Press Updated: February 21, 2014 at 1:30 pm

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.

Comment Policy

Our commenting system has changed. Please register or login with your account to comment on a story. Click here for information.

You've reached your 4 FREE premium stories this month

Already registered? Login Now

Get 4 more FREE stories

Simply register to continue.


Subscribe now

Get access unlimited access to premium stories.