Automakers To Help Save Detroit's Art Treasures - WLNS TV 6 Lansing - Jackson | Your Local News Leader

Automakers To Help Save Detroit's Art Treasures

Posted: Updated:

DETROIT (AP) - General Motors, Ford and Chrysler are stepping into Detroit's bankruptcy picture by pledging $26 million to help support retiree pensions while keeping the city's art treasures off the auction block.

The Detroit Institute of Arts, Gov. Rick Snyder and representatives from the automakers announced the donation Monday at the art museum.

It's part of the museum's $100 million portion of $660 million to bolster pensions as called for in state-appointed emergency manager Kevyn Orr's plan of adjustment. The plan is Detroit's roadmap out of bankruptcy.

The Michigan Legislature last week approved $195 million for Detroit's two retirement systems. Snyder has said he will sign the bill. A dozen foundations also have committed money to the plan.

The city's art museum and its assets would be transferred to a private nonprofit.

Powered by WorldNow

2820 East Saginaw Street,
Lansing, MI  48912

Telephone: 517.372.8282
Fax: 517.372.1507

Can’t find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Young Broadcasting of Lansing, Inc. A Media General Company.