Detroit bankruptcy judge denies creditor a role in valuing city's art

Detroit Institute of Arts, 2008, Mikerussell at en.wikipedia

Detroit’s bankruptcy judge, Steven Rhodes, has denied a creditor's request for an official role in overseeing how the city values and uses its art collection, Bloomberg reports. Rhodes has said that decisions on whether to use the art to pay creditors, who are owed more than $18 billion, should be part of the plan that the city is preparing.

In November, bond insurers Financial Guaranty Insurance Co. and Syncora Guarantee Inc. had asked Rhodes to order Detroit to cooperate with a committee of creditors in determining how much its art collection is worth.