Total debt is about 19 billion with the majority being the Pension Liabilities. Orr does not want to sell the "Assets" you mentioned to leave something for civic pride and some cornerstones to rebuild the city on.
Belle Isle will probably get some sort of a State deal being floated, with the H20 Dept going regional with new management already cleaning up that cesspool.
The DIA, that it up in the air, again Orr doesn't want the city pillaged like something out of warn torn Europe, I give him kudos for the Optomistic attitude.
I forgot that since the Chrysler and GM bond debacles contract law in the US is more like a spoils system. I would not be a happy bondholder getting 10 cents on the dollar while the DIA is sitting on paintings that could be liquidated so I can get paid.
This will be an interesting bankruptcy.
Orr is looking to the future and the need for things like art as business is returning to the city. I do think the state should take over stewardship of things like Belle Isle till the corrupt are driven from power. (Belle Isle is a big money maker)
There is big time private money moving into Detroit and pledging to move into Detroit once things settle. The new bridge alone will bring in a lot of warehousing and freight related jobs.
Looks like things are fixing to get interesting in Detroit.
Detroit emergency manager orders probe of city’s pension fund
http://www.detroitnews.com/article/20130620/METRO01/306200080