April 9, 2014 / 7:15 PM / 4 years ago

FGIC says receives alternative proposals for Detroit art

April 9 (Reuters) - Bond insurer FGIC Corp. on Wednesday said it has received proposals from “credible third parties” for acquiring or monetizing the Detroit Institute of Arts’ collection that would generate $1 billion to $2 billion for the bankrupt city.

FGIC said estimated proceeds from the indications of interest would generate revenue “significantly higher than the currently proposed ‘Grand Bargain’,” referring to a proposal that would raise roughly $815 million from the state, private donors and several foundations to pay the city for the entire collection.

The four proposals FGIC said it received range from an offer to buy a small percentage of the DIA collection for between $896 million to $1.473 billion to using the collection as security for a loan to the city of up to $2 billion, FGIC said. (Reporting by Dan Burns; Editing by James Dalgleish)

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