A major announcement is expected in a deal that promises millions of dollars to support municipal retiree pensions while protecting city-owned artwork from possible sale as part of Detroit’s bankruptcy.
“This judge wants everybody in Detroit that has an objection to the city’s plan to get out of bankruptcy come to court and prove the case,” WWJ’s Charlie Langton said.
The report will likely play a major role in next month’s Detroit bankruptcy trial.
Of the $26 million, $10 million will come from Ford Motor Co., $6 million from Chrysler Group LLC, $5 million from General Motors Co. and $5 million from the General Motors Foundation.
Some creditors want Detroit to sell the art to help settle the city’s debt.
Michigan’s Senate has approved spending $195 million to help shore up Detroit’s pension funds, a key legislative step in a deal designed to end the largest public bankruptcy in U.S. history.
The Detroit Institute of Arts has filed a response to objections by Detroit creditors to the Grand Bargain.
Supporters of the bill say that the DIA is getting enough money in the “Grand Bargain.”
Museum attorney Arthur O’Reilly said inspecting fragile art is risky.
Lawmakers introduced legislation late Thursday to use about $195 million from Michigan’s savings account to help bankrupt Detroit.