Art Collection Digs Detroit Out of Bankruptcy
- November 09, 2014 17:14
It appears that U.S. District Judge Gerald Rosen has successfully navigated his so-called Grand Bargain to ease Detroit out of bankruptcy in a relatively short 15 months. His plan effectively went forward on Friday when Detroit's Chapter 9 case concluded.
The Grand Bargain has safeguarded Detroit Institute of Arts' collection from being sold off to pay city creditors. The judge and DIA officials networked to raise $816 million in funds from foundations and other donors to pay for the art to be put in a foundation so the city could pay part of its pension shortfall.
Detroit is far from free of its long decline in which $18 billion in debt accumulated. but the future is brighter. Judge Rosen said on Friday, the DIA represents an "invaluable beacon" to attract visitors and has deep benefits for the community.
![Peter Paul Rubens (Flemish, 1577–1640), After Titian (Tiziano Vecelli) (Italian [Venetian], c. 1488–1576), Rape of Europa, 1628–29. Oil on canvas, 71 7/8 x 79 3/8 in.](/images/c/e2/2e/Jan20_Rape_of_Europa100x100_c.jpg "Peter Paul Rubens (Flemish, 1577–1640), After Titian (Tiziano Vecelli) (Italian [Venetian], c. 1488–1576), Rape of Europa, 1628–29. Oil on canvas, 71 7/8 x 79 3/8 in.")
