This month marks 10 years since Detroit emerged from bankruptcy.
During the bankruptcy, creditors were clamoring to get their hands on the valuable collections of the Detroit Institute of Arts, the city’s only real asset, and were insisting city retirees forfeit their pensions to help settle $18 billion in debt.
The so-called Grand Bargain rallied support to settle Detroit’s obligation.
Judge Gerald E. Rosen, who mediated the bankruptcy and conceived the deal that led to the settlement, has written a book about the process. He talks about “Grand Bargain: The Inside Story of Detroit’s Dramatic Journey from Bankruptcy to Rebirth” with One Detroit contributor Nolan Finley, editorial page editor of The Detroit News.
