Local and national foundations have committed $330 million to saving the Detroit Institute of Arts and city workers’ pensions in Detroit’s bankruptcy process.
According to reports by Fox 2 News:
A leadership committee has been established to manage the fund, consisting of the Presidents of Ford Foundation, The Kresge Foundation, the John S. and James L. Knight Foundation and the Community Foundation of Southeast Michigan.
Federal Judge Gerald Rosen, the chief mediator between the city and its creditors, has asked foundations and others to raise $500 million to protect pieces in the Detroit Institute of Arts while assisting pensioners who are expected to lose some benefits in the city’s restructuring
Rhodes still has to approve the new deal.
About Post Author
