A New York architecture and interior-design firm with roots dating back more than a century has filed for Chapter 11 protection, citing its inability to collect more than $2 million from an assignment in Russia. [...]
Over the years, Swanke Hayden has worked on a number of well-known projects in New York and elsewhere, including the Trump Tower, a 1980s facelift of the Statue of Liberty, and the recent rehabilitation of Central Park restaurant Tavern on the Green. — blogs.wsj.com
The collection of the Detroit Institute of Arts (DIA) is inching closer to safety. The Michigan State Legislature agreed yesterday to contribute $350m over the next 20 years to protect the museum’s works of art and shore up Detroit’s ailing pension funds. The state’s governor Rick Snyder is expected to sign the bill, which is part of a package to help settle the city’s bankruptcy, by the end of the week. — theartnewspaper.com
In 2009 a gleaming performing arts space opened to great fanfare in downtown Pittsburgh. The distinctive is as long as the block it occupies, and the corner of the building looks like the sail of a ship made in glass and stone.
The August Wilson Center for African American Culture was meant to be a hub for African-American theater, art and education, named after renowned playwright and native son . Today the Center is for sale, unable to pay its bills. — npr.org
National and local foundations have pledged more than $330 million to a fund to protect city-owned art at the Detroit Institute of Arts from being auctioned off, mediators in Detroit’s bankruptcy announced Monday.
A statement from Chief U.S. District Court Judge Gerald Rosen’s team of mediators called the financial commitments “an extraordinary and unprecedented effort” to preserve the art collection and raise money for Detroit’s underfunded pension funds. — detroitnews.com
Despite filing for bankruptcy, Detroit is still on track to get a $450 million hockey arena - partially funded with public money. Host Michel Martin speaks with sportswriter Dave Zirin, who calls the move 'shameless,' and David Muller, a business reporter for the MLive Media Group in Michigan. — npr.org
When companies go bankrupt, the medicine can be harsh for staff members and the local tax base, yet the effects are temporary. A bankrupt city can’t fire citizens who pay taxes but already receive worse than subsistence services like one-hour police response times.
Large cities don’t disappear or die, they just waste into chronic basket cases, like Camden, New Jersey; Gary, Indiana; and East St. Louis, Illinois. — bloomberg.com
London-based Austin Smith: Lord (ASL) said it is owed £7.85m (AED45.3m) by the Abu Dhabi Authority for Culture and Heritage for its work on the Qasr al-Hosn fort in the centre of the city.
The 62-year-old design firm last month signed a Company Voluntary Agreement (CVA) with its creditors in a bid to avoid administration. ASL has made more than 80 staff redundant, including 13 employees from its Abu Dhabi office, which has since closed. — arabianbusiness.com
I believe with every fiber of my being that God turned the eyes of the world on Crystal Cathedral because God wants to make a big bold statement, he wants the world to know that he is a God who still does miracles — Reuters
Philip Johnson's masterpiece, the Crystal Cathedral is the subject of bidding wars between Chapman University, Roman Catholic Archdiocese and the retailer Hobby Lobby. Sheila Schuller Coleman, director of ministry at the church and the daughter of Schuller also thinks they can raise the...
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