Detroit Institute of Arts praises initial work by federal bankruptcy mediators
Leaders at the Detroit Institute of Arts praised the efforts of federal mediators today saying they're working toward a solution that protect's the museum's collection while giving relief to the city of Detroit.
The collection has been seen as a potential source of revenue by some creditors who are poised to lose a lot of money in the Detroit bankruptcy.
More from the DIA's press release:
At a meeting with the mediators on Tuesday, the DIA expressed enthusiastic support for the work that has been done to date, and pledged to help refine and implement the plan in the weeks ahead. The plan engages national and local foundations among other funding sources to create a mechanism for providing cash for the City, while ensuring the present and future safety of the DIA collection. Details of the plan are still in process, as meetings with the foundation community and others continue. The DIA has begun to mobilize its considerable public support to help implement a fundraising strategy that will satisfy the City’s needs, while ensuring the well-being of the museum for the residents of Detroit, southeast Michigan and beyond.