Nowling: We're open to debt restructuring ideas that protect art - Los Angeles News | FOX 11 LA KTTV

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>>

  • FBI joins the search for Armada teen's killer

    FBI joins the search for Armada teen's killer

    Friday, July 25 2014 11:08 PM EDT2014-07-26 03:08:38 GMT
    The FBI has joined the investigation team searching for the killer of a 14-year-old Armada girl, April Millsap.
    The FBI has joined the investigation team searching for the killer of a 14-year-old Armada girl, April Millsap. Authorities also say they are now looking for a small motorcycle in addition to the gray, dented van seen in the area.
  • Vandals damage historic Detroit cemetery

    Vandals damage historic Detroit cemetery

    Friday, July 25 2014 10:38 PM EDT2014-07-26 02:38:55 GMT
    Police are looking for suspects after vandals disturb the peace at a historic Detroit cemetery. Someone broke into a mausoleum and made a mess with spray paint and ashes.
    Police are looking for suspects after vandals disturb the peace at a historic Detroit cemetery. Someone broke into a mausoleum and made a mess with spray paint and ashes.
  • Man hospitalized after run-in with Ecorse police

    Man hospitalized after run-in with Ecorse police

    Friday, July 25 2014 10:05 PM EDT2014-07-26 02:05:54 GMT
    Witnesses and lawyers say a man was attacked by Ecorse police Monday morning even though he was complying with police demands.
    Witnesses and lawyers say a man was attacked by Ecorse police Monday morning even though he was complying with police demands.
  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
Powered by WorldNow

KTTV FOX 11
1999 S. Bundy Dr.
Los Angeles CA 90025

Main: (310) 584-2000
News Tips? (310) 584-2025

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