“All the revenue sources creditors can reach and are permitted to reach are exhausted,” Bennett told Judge Steven Rhodes.
Detroit expects to cut $12 billion in unsecured debt to about $5 billion, which is “more manageable,” according to Bill Nowling, a spokesman for emergency manager Kevyn Orr.
Art finance lender, Capital Art Group of New York offered to loan Detroit $4 billion, if the DIA collection is used as collateral for the loan.
Water department officials say the system worked exactly as it was designed to – the day of torrential rains – which they say just overwhelmed the system.
Syncora Guarantee said in a court filing that the plan put together by state-appointed emergency manager Kevyn Orr and attorneys hired by the city is unfair.
Toyota has pledged $1 million toward the Detroit Institute of Arts’ goal to raise $100 million to prevent the sale of art in Detroit’s bankruptcy and help city pensioners.
The city of Detroit promised to report the results of voting on pension cuts Monday but declined to disclose the numbers during a morning bankruptcy hearing.
More than 30,000 retirees and current and former workers were eligible to vote on pension changes.
“I think it’s appropriate for me, when this does come to an end, to exit quietly…”
The pledges bring the Detroit Institute of Arts to almost 80 percent of its grand bargain goal.