Detroit 3 Automakers Pledge $26 Million To Support City Pensions, Help Save Art Treasures
Source: Associated Press
By Corey Williams, The Associated Press on June 9, 2014.
DETROIT General Motors, Ford and Chrysler are driving into Detroits bankruptcy reorganization by pledging $26 million to help support retiree pensions while keeping the citys art treasures off the auction block, officials announced Monday.
The money will go toward city pensions and will be part of the Detroit Institute of Arts $100 million commitment to whats being called the grand bargain to resolve the largest public bankruptcy in U.S. history. Its helping keep city-owned pieces in the museum off the auction block as some creditors demand they be sold to pay off some of Detroits billions in debt.
Of the $26 million, $10 million will come from Ford Motor Co., $6 million from Chrysler Group LLC, $5 million from General Motors Co. and $5 million from the General Motors Foundation.
The city needs more and specifically the city needs cash, Reid Bigland, head of U.S. sales for Chrysler, said during the announcement at the museum.
Read more: http://lethbridgeherald.com/news/world-news/2014/06/09/detroit-3-automakers-pledge-26-million-to-support-city-pensions-help-save-art-treasures/
a kennedy
(29,706 posts)tea and oranges
(396 posts)What good news. To strip a city of it's riches & it's cultural heritage is criminal.
Purveyor
(29,876 posts)Godspeed Detroit City!