Kellogg Foundation to help in Detroit bankruptcy - New York News

Kellogg Foundation to help in Detroit bankruptcy

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(WJBK) -

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.

-The Associated Press contributed to this report

STATEMENTS BELOW:

A Statement from a Foundation working group, which includes the Community Foundation for Southeast Michigan, William Davidson Foundation, Fred A. and Barbara M. Erb Family Foundation, Ford Foundation, Hudson-Webber Foundation, Kresge Foundation, John S. and James L. Knight Foundation, McGregor Fund and Charles Stewart Mott Foundation:
 
We are pleased to announce that The W.K. Kellogg Foundation (WKKF) has committed to invest $40 million in the fund to help clear a pathway toward Detroit's revitalization, support the city of Detroit's pension obligations to current and retired workers and safeguard the Detroit Institute of Art.
 
This new commitment brings the total amount pledged to date by philanthropic foundations and individuals to $370 million. The Kellogg Foundation's commitment strengthens this effort, and we are hopeful the fund will continue to attract commitments from individual donors and institutions. It is our urgent hope and our belief that our combined investments in the future of Detroit will help stabilize and renew the city at this critical time.  

STATEMENT OF DETROIT BANKRUPTCY MEDIATORS

The Detroit Bankruptcy Mediators wish to provide further information about developments in the Detroit bankruptcy.

The Mediators have been advised that the W. K. Kellogg Foundation will make a very significant contribution to the plan to help protect the pensions of Detroit's retirees and preserve the DIA's treasured art collection. The remarkably generous contribution of the Kellogg Foundation, together with the contributions already announced, brings the total commitment of the Foundation community to this plan to approximately $370 million. The Kellogg Foundation, founded in Battle Creek, Michigan in 1930 is one of the nation's oldest and largest private foundations, and has as its primary mission to promote equal opportunity for all children to thrive and succeed in life. In making this very meaningful and inspiring commitment, the Kellogg Foundation is focused on helping to create a new day of opportunity for Detroit families and their children and grandchildren.

The Mediators wish to express their deepest appreciation to the Board and President of the Kellogg Foundation for this important contribution. Along with the contributions of the
other Foundations, the Kellogg Foundation's commitment today inspires the mediation team to continue its work toward facilitating agreements among as many of the parties to
the Detroit bankruptcy as possible, agreements which can become part of a larger, balanced agreed-upon Plan of Adjustment designed to provide Detroit with a prompt and
successful exit from the bankruptcy and to move us toward a revitalized and renewed City and region.

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