Detroit, 16 January 2014,
A conclusion seems to have been reached to be able to save the Detroit Institute of Art’s works, which was set to be a victim of the American city’s bankruptcy. Nine national and local foundations have joined together to bail the city out of its staggering debt figure of $330 million.
The heads of the various foundations met with Gerald Rosen, district judge who has been charged with the city’s media attention since it was declared bankrupt. During three and a half hours of discussions, a new solution had emerged: the foundations’ contribution to bail the city out of its deficit.
On Monday, Rosen announced that nine foundations had pledged to float $330m, in order to prevent the Detroit Institute of Art from losing its collection. The news is crucial for several reasons: it is a turning point in an affair that has been ongoing for several months. It is also the first time that a coalition of this type has been formed to achieve such a result.