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.
Crossing 8 Mile will be performed next weekend and the following weekend at the Detroit Film Theatre inside the DIA.
One of Detroit’s creditors is seeking documents related to pieces in the city’s art museum.
“It’s important to note that the DIA is not in bankruptcy, in fact it is functioning extraordinarily well.”
The W.K. Kellogg Foundation is giving $40 million to prevent the sale of Detroit art and help city retirees.
“This is a settlement. This is not a bailout, and I want to be very, very clear about that,” the governor said.