Automakers may have a role in Detroit bankruptcy
Wed, 14 May 2014 11:49:37 GMT —
Chrysler, Ford Motor and General Motors are interested in preserving art and shoring up pensions in Detroit's bankruptcy case.
The Detroit Institute of Arts has pledged to add $100 million to a larger pool of money to prevent the sale of art and help retirees. The auto companies say they're talking to the museum about possibly joining that commitment.
In a statement Tuesday, GM says the museum "must be central to any plans for a revitalized Detroit." Chrysler says it's reviewing the DIA's request. Ford says it's looking at it "very carefully."
Foundations, the DIA and the state of Michigan are expected to put up $816 million to keep art off the market and soften pension cuts. Lawmakers would still need to approve the state's share.