US: the automakers did their part in helping Detroit get out of bankruptcy image

The big three US automakers have incredible historic ties with the Michigan city of Detroit, and decided not to stand by as the metropolis fought a huge crisis – its bankruptcy.

And, with the idea that at one point in the future someone might make a new philanthropic road map from a study focused on the moves, they did their part in securing a future for the community. They pledged for the next two decades to help the city out of bankruptcy by using donations directed towards the Detroit Institute of Arts.

The Detroit Three – GM, Ford and Chrysler – but also Toyota and a number of suppliers (including one pledge worth $2.2 million from a group of Japanese companies) supported the cause. The US trio are contributing together with $26 million over 20 years to the DIA and Toyota gave away $1 million. “It was a team effort,” said Jim Vella, head of the Ford Motor Company Fund.

These donations and future commitments coming from the auto industry were an integral part of DIA’s effort to raise $100 million – its part in a grand bargain fund-raising strive to aide the city’s bankruptcy restructuring masterplan. The Detroit Institute of Arts, a number of foundations and the state jointly set up an $816 million fund that would lower cuts to city employee pensions and save the city’s art masterpieces from being sold to pay creditors.