Philanthropists pledge over $330 million to help Detroit art museum

Reuters News
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Posted: Jan 13, 2014 10:51 AM

(Reuters) - U.S. philanthropic foundations have pledged more than $330 million to help preserve the Detroit Institute of Art's collection and assist in shoring up the cash-strapped city's employee pensions, the mediators overseeing Detroit's bankruptcy negotiations said on Monday.

In a statement, the mediators said other foundations are expected to pledge assistance in the near term.

(Reporting by Dan Burns; Editing by James Dalgleish)