By Joseph Lichterman DETROIT, June 21 (Reuters) - A Detroit official has dismissed as "lots of wild speculation" a story that Emergency Manager Kevyn Orr is considering the sale of the city's little-known collection of classic cars. "There is no proposed plan to sell any asset owned by the city," Bill Nowling, Orr's spokesman, said in an email on Thursday. That has not stopped heated debate over the prospect that Orr could approve the sale of assets, including works from the Detroit Institute of Arts, to satisfy the city's crushing debt obligations and avoid bankruptcy. ...
Rolling Stone: Diego Rivera is under attack in Detroit. It's not the first threat to the late Mexican artist's famed murals, which depict the city's steel factories with a not-quite-subtle anti-capitalist bent. In 1933, union workers had to guard the then-new exhibit from the followers of a fanatical local preacher. But today the mural series is facing a different challenge: It is one of many assets that the city could potentially sell off to pay back billions of dollars in long-term debts to Wall Street creditors. Read the whole story at Rolling Stone Read more https://www.huffingtonpost.com/2013/06/22/detroits-debt-crisis-ever_n_3483005.html?utm_hp_ref=detroit ...
(Reuters) - Detroit's default and debt restructuring plan are precedent-setting in the U.S. municipal market, Moody's Investors Service said on Monday, because...
