Detroit’s Institute of Arts settlement approved by attorney general

By Caroline Salls

Pittsburgh, June 17 – Michigan’s attorney general approved the City of Detroit’s Detroit Institute of Arts settlement, according to a Tuesday filing with the U.S. Bankruptcy Court for the Eastern District of Michigan.

Attorney general Bill Schuette’s approval of the settlement was required under Detroit’s fourth amended plan of adjustment.

According to the filing, some local and national foundations committed to fund the settlement with $366 million, and the Detroit Institute of Arts committed to fund an additional $100 million.

These contributions, together with state funding, are designed to reduce pension cuts and avoid the sale of art to pay creditors.

Detroit filed for bankruptcy on July 18, 2013 under Chapter 9 case number 13-53846.

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