Nowling: We're open to debt restructuring ideas that protect art - KMSP-TV

Nowling: We're open to debt restructuring ideas that protect the arts

Posted: Updated:
(WJBK) -

"What we're doing, and what bankruptcy is, is a process to restructure the debt," explains Bill Nowling, a spokesman for the emergency manager's office.

A lot of that restructuring depends on what comes out of mediation. It's a process where all sides come to the table and make agreements that many won't like but are willing to live with.

The Detroit Institute of Arts is already working on a plan to get foundations, corporations and art lovers to either purchase a piece of art and donate it back to the museum, or buy the naming rights.

"I think there's a real core of people ... who would like to see the DIA be an independent organization," Thomas Guastello says. He is on the DIA's board. He believes the museum will be able to raise another $200 million to $300 million dollars.

"If it allows us to solve our issues; if it allows us to protect the art; if it allows us to make inroads in restructuring the suffocating death that the city's facing now, we're open to listening to that," Nowling says.

But there's a lot more on the table. The city's still working on a deal with the suburbs to create a regional Water Authority. But the fate of Detroit pensions will most likely be the biggest point of contention.

"You're going to see a lot of negotiation, a lot of behind-the-scenes negotiation going on between the parties, between the city and the creditors and the unions. You're going to see that ramp up now," says Nowling.  

VIDEO: Click on the video player above to hear more in Fox 2's Alexis Wiley's report

Emergency manager Kevyn Orr is expected to release a detailed plan of adjustment at the beginning of January. The rest, which will detail the fate of Detroit's pensions, should be released in March.

  • Local NewsLocal NewsMore>>

  • Rescue mission offers second chance to those who need it most

    Rescue mission offers second chance to those who need it most

    Friday, August 1 2014 6:45 PM EDT2014-08-01 22:45:20 GMT
    Mark Jones whips up a quick house salad with bacon, and he does it with pride.Not long ago -- he was homeless and living in a shelter. Now, thanks to Detroit Rescue Mission Ministries -- he has big news to share."I just got hired in on the 21st," Jones said.A full time job cooking in the kitchen at Cornerstone Bistro in Highland Park. He completed a 12-week training program which includes passing the state certification exam. And the 48-year-old has plenty of specialties."I cook lasagne, gumb...
    Mark Jones whips up a quick house salad with bacon, and he does it with pride.Not long ago -- he was homeless and living in a shelter. Now, thanks to Detroit Rescue Mission Ministries -- he has big news to share."I just got hired in on the 21st," Jones said.A full time job cooking in the kitchen at Cornerstone Bistro in Highland Park. He completed a 12-week training program which includes passing the state certification exam. And the 48-year-old has plenty of specialties."I cook lasagne, gumb...
  • Recycled car program helps those in need

    Recycled car program helps those in need

    Friday, August 1 2014 6:16 PM EDT2014-08-01 22:16:24 GMT
    "Life has been a struggle for me since I was little," said Debra Gregory. "(It) continues to be very hard." For years, abusive relationships and a string of domestic issues kept Gregory from owning her own car and moving forward. But today all that changed -- thanks to charitable organizations like 1-800 charity cars.Gregory was chosen by the charitable organization which works with the National Auto Body Council's Recycled Rides program to donate vehicles to those in need."I can go to the do...
    "Life has been a struggle for me since I was little," said Debra Gregory. "(It) continues to be very hard." For years, abusive relationships and a string of domestic issues kept Gregory from owning her own car and moving forward. But today all that changed -- thanks to charitable organizations like 1-800 charity cars.Gregory was chosen by the charitable organization which works with the National Auto Body Council's Recycled Rides program to donate vehicles to those in need."I can go to the do...
  • Undercover agents at murdered Armada teen's funeral

    Undercover agents at murdered Armada teen's funeral

    Friday, August 1 2014 6:07 PM EDT2014-08-01 22:07:12 GMT
    A community, clad in pink, gathered Friday for the funeral of the murdered Armada teen, April Millsap.
    A community, clad in pink, gathered Friday for the funeral of the murdered Armada teen, April Millsap.
  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
Powered by WorldNow

KMSP-TV
11358 Viking Drive
Eden Prairie, MN 55344

Phone: (952) 944-9999
Fax: (952) 942-0455

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices