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Detroit Institute of Arts Statement regarding DIA filing a Response to Creditors’ Objections
Tuesday, May 27, 2014
Contact: Pamela Marcil 313-833-7899 email@example.com
May 27, 2014
Certain financial creditors of the City of Detroit have attempted to block the City's emergence from bankruptcy claiming that the "Grand Bargain" fails to extract enough money from the art collection held at the Detroit Institute of Arts (DIA). The DIA, a partner in the Grand Bargain, filed a response to the creditors' objections in bankruptcy court today. The Grand Bargain will provide more than $800 million to mitigate reductions to Detroit pensioners, safeguard the DIA art collection and speed the bankruptcy proceedings by avoiding lengthy and costly litigation.
The City's creditors would have us ignore more than a century of public-private charitable collaboration that resulted in one of the finest encyclopedic art museums in the United States; a museum that continues to be applauded for its innovative educational and interpretive programs and its community outreach initiatives. To the creditors, the DIA is simply a cultural luxury that Detroiters do not deserve and cannot afford.
The DIA, along with its partners in the Grand Bargain, view it as an unprecedented investment in the City and its people; an opportunity for the City to emerge from bankruptcy while being fair to creditors and preserving a key cultural institution necessary to the long-term viability of the City and the welfare of its people. Although some may not be satisfied with the Grand Bargain, those creditors should not be allowed to sabotage this historic opportunity.