Automakers Help Detroit Exit Bankruptcy

Automakers Help Detroit Exit Bankruptcy

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.

SEE ALSO: Big Three Commit $26M to Save Detroit’s Art

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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