Museum announces more donors in Detroit bankruptcy - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Museum announces more donors in Detroit bankruptcy

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DETROIT (WJBK) - The Detroit Institute of Arts is closer to securing its priceless works of art. The Detroit Institute of Arts says it has secured 80 percent of its goal to raise $100 million to prevent the sale of art in Detroit's bankruptcy and help city pensioners.

The museum made the announcement Wednesday while disclosing nearly $27 million in new donations from a group of companies and foundations, including $10 million from Roger Penske and Penske Corp.

Other donors include $5 million each from DTE Energy and Rock Ventures, plus other large contributions from Blue Cross Blue Shield, Meijer, Comerica Bank, Delta, JP Morgan Chase and Consumers Energy.

It says it has total pledges so far of about $80 million. The state of Michigan, the museum and foundations have together agreed to give $816 million to the so-called grand bargain.

It's all part of Detroit's bankruptcy restructuring plan. The money will be available only if retirees and city workers vote in favor of pension cuts. The results will be announced Monday.

Copyright 2014 by myFOXDetroit.com. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.




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