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Detroit Museum Pleased With Bankruptcy Plan

Friday, Feb. 21, 2014

DETROIT (AP) — A museum at the center of Detroit's bankruptcy case is praising a plan that would end the city's role in owning art.

The Detroit Institute of Arts says it would take control of thousands of pieces of art already at the museum but owned by Detroit. The DIA, as it is known, has pledged to raise $100 million for city pensions.

DIA Chairman Eugene Gargaro Jr. says it's a "historic day."

Art has been a controversial piece of the bankruptcy case because many creditors believe pieces could be sold to pay debts. Art has been valued at $450 million to $870 million.

Detroit's plan for the museum is part of a broader bankruptcy strategy released Friday. It must be approved by a judge.