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Report shows Detroit creditors, retirees were close to agreement

People enter and exit the Detroit Institute of Arts in Detroit, Michigan December 7, 2013. REUTERS/Joshua Lott
People enter and exit the Detroit Institute of Arts in Detroit, Michigan December 7, 2013. REUTERS/Joshua Lott

DETROIT (WKZO) -- Detroit's retirees and creditors were close to an agreement to try to force the Detroit Institute of Arts to sell part of its collection.

The "Detroit Free Press" reports the Official Committee of Retirees and several major financial creditors would split the proceeds from the sale evenly. The paper reports the plan fell apart after bankruptcy mediator Judge Gerald Rosen put together a deal of millions of dollars in pledges from non profit foundations and the State of Michigan.

Rosen reportedly met with Detroit Emergency Manager Kevyn Orr, Governor Rick Snyder, and members of the retiree committee late last year where he proposed the plan for contributions to the DIA now known as the "grand bargain."

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