City of Detroit May Sell Art Collection to Pay Off Debts
Detroit Institute of Arts has up to a billion dollars worth of assets
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.