- Posted January 30, 2014
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Kellogg Foundation to help in Detroit bankruptcy
DETROIT (AP) -- The W.K. Kellogg Foundation is giving $40 million to prevent the sale of Detroit art and help city retirees, raising the pool of money to $370 million.
The announcement was made Tuesday by a coalition of foundations. The group wants to continue to attract financial support from foundations and individuals while Michigan Gov. Rick Snyder tries to win approval for $350 million from the state.
City-owned art at the Detroit Institute of Arts could be vulnerable to sale in Detroit's bankruptcy. At the same time, Detroit's pension funds are short by $3.5 billion.
Detroit emergency manager Kevyn Orr has until March 1 to propose a plan to take the city out of bankruptcy.
Published: Thu, Jan 30, 2014
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