Foundations commit $330M-plus to save Detroit art

1/13/2014

DETROIT — National and local foundations have committed more than $330 million toward Detroit’s pensions to stave off the possible sale of city-owned pieces in an art museum.

Mediators in Detroit’s bankruptcy proceeding say in a statement today that other foundations are expected to announce their participation in the plan.

Nearly 130 individuals also have contributed to a fund established with a Detroit-area community foundation.

Federal Judge Gerald Rosen has asked foundations and others to raise $500 million to protect pieces in the Detroit Institute of Arts and assist pensioners. They’re expected to lose some benefits during the city’s restructuring.

Rosen is chief mediator between the city and its creditors.

State-appointed emergency manager Kevyn Orr has said the art can be considered assets and may be at risk during the bankruptcy.