MICHIGAN---The Detroit Institute of Arts announced Monday that the nation’s three major automakers would donate a combined $26 million to help save the city’s art collection, bringing the city a step closer to completing a deal aimed at coming out of bankruptcy by fall. The Ford Motor Company and General Motors each committed to giving $10 million to help the institute raise $100 million as part of a so-called grand bargain that would also ease pension cuts for city retirees. Chrysler, the smallest of the three American automakers, will contribute $6 million. [link]
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