The Detroit Institute of Arts (DIA), steward of a priceless art collection that has been threatened by recent statements by the City of Detroit’s Emergency Manager and creditors, announced today that it will not file an objection to the City’s eligibility for relief under chapter 9 of the Bankruptcy Code. The deadline for objections is today. The DIA cited several reasons for its decision.
The DIA recognizes the City’s severe financial distress and its need for the protection and powers of the bankruptcy court to help in the Emergency Manager’s efforts to rebuild and revitalize Detroit. As it has previously stated, the DIA applauds the Emergency Manager’s efforts, wishes him success and continues to encourage him not to undercut those goals by jeopardizing Detroit’s most important cultural institution and the economic, educational and other significant benefits it brings to the city and the region. www.dia.org