April 9 (Bloomberg) — Detroit could get four offers to turn some of its art collection into as much as $2 billion in cash, either as a loan backed by the works or as a purchase, creditors including bond insurers said in a court filing.
The creditors today asked U.S. Bankruptcy Judge Steven Rhodes to force the city to cooperate with the potential bidders, who would like to investigate the value of the art.
The proposals were quickly dismissed by Detroit's emergency manager, Kevyn Orr, who said any sale would not only kill a proposal to pump $816 million into the city's underfunded pension systems, it would also hurt residents.
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