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Creditors in Detroit's bankruptcy claim art sale would raise more than $1 billion


DETROIT — Some creditors in Detroit's bankruptcy with eyes on city-owned art say they've found buyers willing to pay more than $1 billion for parts or all of the collection.

The disclosure was made in a court filing Wednesday. The creditors are asking bankruptcy Judge Steven Rhodes to order Detroit to cooperate with interested parties.

New York-based Art Capital Group says it would arrange $2 billion in loans to Detroit with art at the Detroit Institute of Arts used as collateral.

But emergency manager Kevyn Orr says he's not interested.

Detroit is trying to keep art off the auction block. It is counting on $816 million from foundations, philanthropists and the state of Michigan to prevent any sale and help pensioners. Lawmakers still haven't approved the state's share of $350 million.

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