Will Automakers Help Save Detroit Institute of Arts?

The Detroit Institute of Arts has forwarded a request to Chrysler, Ford, and General Motors to help it raise money for a key component of Detroit's plan to restructure its debt and exit bankruptcy, reports Reuters in article posted on the Chicago Tribune. As part of an $816 million grand bargain, the institute has proposed contributing $100 million to level pensions on city’s retirees and avoid selling artworks to pay city creditors. The rest of the money would come from other sources. According to CNN, inside sources suggest that the automakers would together contribute a total of around $25 million. General Motors spokesman Jim Cain: “Both GM and the GM Foundation are giving very careful consideration to how we can help preserve this treasure at such a critical time.”