DETROIT (WKZO) -- The Detroit bankruptcy grand bargain is moving ahead with the planned transfer of the Detroit Institute of Arts and its collection to a charitable trust. The city council has approved establishing the trust by the end of the year, although it still must be approved by the bankruptcy court. Detroit Corporation Counsel Melvin Hollowell says the move will safeguard art from a liquidation benefiting creditors.
The state of Michigan, a group of private foundations, and the DIA itself are contributing a combined 800-million dollars to reduce the loss for city pensioners. The creditor vote on the bankruptcy plan of adjustment ends next month.