"How Detroit Was Reborn: The Inside Story of Detroit's Historic Bankruptcy Case"


The City of Detroit has reached a bankruptcy agreement that includes a provision to transfer ownership of the Detroit Institute of Arts (DIA) from the city to a trust, thereby securing ongoing public access to the resources of the DIA.  A "grand bargain," forged among foundations, corporate and individual donors, state government, and municipal unions and other creditors, was key to reaching this settlement.  The Foundation contributed to the grand bargain with a $10-million grant that was announced in June 2014.

Read a full account in the Detroit Free Press

Image credit:  "Old map 1807 plan" by Unknown - Dickens, Asbury , ed. (1860) American State Papers, Volume VI, Public Lands, Washington, DC: Gales & Seaton, p. 299. Licensed under Public domain via Wikimedia Commons - http://commons.wikimedia.org/wiki/File:Old_map_1807_plan.jpg#mediaviewer/File:Old_map_1807_plan.jpg

Article Citation

Nathan Bomey, John Gallagher, and Mark Stryker.  "How Detroit Was Reborn:  The Inside Story of Detroit's Historic Bankruptcy Case," Detroit Free Press, November 9, 2014, http://www.freep.com/longform/news/local/detroit-bankruptcy/2014/11/09/detroit-bankruptcy-rosen-orr-snyder/18724267/.