Jan. 13 (Bloomberg) — Supporters of the Detroit Institute of Arts pledged to pay $330 million to help resolve the city's record bankruptcy and save its Picassos and Van Goghs from going on the auction block.
The donors want to the money go to retirees, whose pensions may be underfunded by as much as $3.5 billion and who have challenged the city's right to be in bankruptcy. In return, the Detroit Institute of Arts, or DIA, collection would be protected in any bankruptcy settlement, according to a statement e-mailed today by the U.S. District Court in Detroit.
"All recognize that if these two goals can be accomplished, a third absolutely critical goal of facilitating the revitalization of the city in the aftermath of the bankruptcy will be greatly advanced," according to the statement.
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