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Detroit art boosters offer $330 million to aid bankruptcy

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 citys right to be in bankruptcy.

By Steven Church | Updated on January 13, 2014

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.

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