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Four-billion dollar loan offered to Detroit with DIA art as collateral

DETROIT (WKZO) -- The city of Detroit is being offered a four-billion dollar loan with one very large catch.

New York-based Art Capital Group says it will give the financially-troubled city the money if it puts up the city-owned collection at the Detroit Institute of Arts as collateral. A spokesman for Art Capital Group says their offer is a balanced and fair solution that offers Detroit the cash needed to pay creditors and improve services.

The city's bankruptcy trial is set to begin on Tuesday.

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