The Detroit Institute of Arts said yesterday that it has secured another $26.8 million in pledged donations to cover its portion of the "grand bargain" intended to help Detroit emerge from bankruptcy while sparing a sale of the museum's art works, Reuters reported yesterday. The bargain is the linchpin to the city's bankruptcy plan, providing a way for Detroit to pay its pensioners and avoid a sale of the city-owned museum's art collection that some creditors have suggested to raise cash. The deal is expected to provide more than $800 million over 20 years to retired Detroit workers, according to the institute. The DIA has agreed to pay for $100 million of the bargain, and the latest donations bring its total amount secured to $80 million. Also under the deal, philanthropic foundations have pledged $366 million over 20 years and the state of Michigan approved a lump sum payment of $195 million last month.
