The money will go to the Detroit Institute of Arts as part of its $100 million commitment to what what's being called a "grand bargain" to resolve the largest public bankruptcy in U.S. history.It's helping keep city-owned pieces in the museum off the auction block as some creditors demand they be sold to pay off some of Detroit's billions of dollars in debt.
Of the $26 million, $10 million will come from Ford Motor Co., $6 million from Chrysler Group LLC, $5 million from General Motors Co. and $5 million from the General Motors Foundation.
"The city needs more and specifically the city needs cash," Reid Bigland, head of U.S. sales for Chrysler, said during the announcement at the museum."
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