A Bunch Of National Mega-Foundations Just Pledged $US330 Million Toward Bailing Out Detroit

A bunch of mega-foundations just pledged $US330 million to help bail out Detroit’s retiree pensions and save the city’s art collection, according to a release from the Michigan court handling the city’s bankruptcy.

The Ford Foundation and Knight Foundation will oversee the rescue fund, though the release does not explicitly break down which charities are paying what amounts.

More foundations are expected to pledge additional amounts.

There remains dispute about the total pension shortfall. Emergency manager Kevyn Orr has put the number at $US3.5 billion, while pension leaders say it’s actually less than $US700 million.

Either way, Orr had recently begun getting quotes for the city’s prized art collection as a way to help pay down those costs.

Here’s the full release on the fund:

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