Close
Bonneville Phoenix Network
 KTAR News
 Arizona Sports
92.3 FM KTAR
Menu
Social
Latest News

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.


(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

comments powered by Disqus
Latest News