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Detroit Mulls Selling Art to Help Pay City’s Debt
Posted By Adan On May 24, 2013 @ 3:11 pm In Economic Crisis | Comments Disabled
My Fox Detroit
May 24, 2013
Officials say the Detroit Institute of Arts’ collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection.
Bill Nowling, a spokesman for state-appointed emergency manager says Kevyn Orr, says Orr is considering whether the collection should be considered city assets that could be sold to cover Detroit’s long-term debt. The debt is estimated at more than $14 billion.
“As Kevyn Orr has said many times, he is considering many different options to help rectify Detroit’s fiscal crisis,” said Nowling. “What I can say is that there is no formal plan on the table to sell any Detroit asset, the DIA or otherwise.
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