FILE--In this July 10, 2012 file photo, Auguste Rodin's sculpture "The Thinker" is shown outside The Detroit Institute of Arts in Detroit. Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection. The city's state-appointed emergency manager Kevyn Orr is considering whether the collection should be considered city assets that could be sold to cover Detroit's long-term debt. The debt is estimated at more than $14 billion. (AP Photo/Paul Sancya)
DETROIT - Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection. The Detroit Free Press reports Friday the city's state-appointed emergency manager Kevyn Orr is considering whether the collection should be considered city assets that could be sold to cover Detroit's long-term debt. The debt is estimated at more than $14 billion. Orr spokesman Bill Nowling tells The Detroit News that Orr told the museum it may face exposure to creditors if Detroit seeks bankruptcy protection. Nowling says the notification is a "precautionary measure" and there's "no plan on the table to sell any asset of the city." The museum says it's hired a bankruptcy attorney to suggest ways to protect the collection from possible losses.
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