Detroit's three automakers said yesterday that they had committed $26 million toward $100 million pledged by the city's art museum to save its collection from being tapped to raise cash for Detroit's historic bankruptcy, Reuters reported yesterday. Under the grand bargain, the Detroit Institute of Arts (DIA) would contribute $100 million to ease pension cuts on the city's retirees and avoid a sale of art works to pay city creditors. Philanthropic foundations have pledged about $366 million and the state of Michigan would make a lump sum payment of $195 million. The $26 million from the automakers consists of $10 million from Ford Motor Company Fund, $5 million from General Motors Co, $5 million from General Motors Foundation and $6 million from Chrysler Group LLC. As part of the grand bargain, ownership of the DIA's collection and assets would be transferred from the city to the private nonprofit corporation that currently operates the museum. The Detroit City Council on Thursday unanimously voted to support the transfer.
