Automakers have helped the city of Detroit exit bankruptcy.
We reported previously that Ford, General Motors and Chrysler pledged to contribute $26 million to the Detroit Institute of Arts but those weren’t the only automakers to play a role in helping Detroit leave a bankruptcy. Toyota has also donated $1 million while numerous suppliers, including $2.2 million from a group of Japanese companies, also contributed.
The commitments from the automakers were part of the $100 million raised as part of Detroit’s bankruptcy restructuring plan. Over the past year, Detroit’s Big Three met and collaborated to save the city with Ford approving its $10-million commitment over 20 years on April 7. GM chosen to also donate $10 million with half coming from GM and the other half from the GM Foundation.
Chrysler will be donating $6 million over 20 years and it’ll come from the automaker itself rather than the Chrysler Foundation.
“It was a team effort,” said Jim Vella, head of the Ford Motor Company Fund. “There will be a case study done on this at some point from a philanthropic point of view.”
[Source: Detroit Free Press]
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