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Detroit Institute of Arts hosting, governor speaking at 'major announcement' about bankruptcy

DETROIT - Michigan Gov. Rick Snyder is among officials expected to gather at The Detroit Institute of Arts to make what's been called a "major announcement" about a plan to help the city emerge from bankruptcy.

Snyder will speak Monday about the so-called grand bargain, which would preserve retiree pension benefits while protecting city-owned artwork at the DIA.

The museum wouldn't provide details, but an official recently told the Detroit Free Press that more information about donors would be announced soon.

About 2,800 city-owned artworks have been valued at between $454 million and $867 million. Some creditors want art sold to help settle debts.

The plan combines state funds with commitments from foundations and the art museum to shore up retirement systems and transfers the DIA's assets to a private non-profit.

The Canadian Press

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