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Kellogg Foundation to help in Detroit bankruptcy

Created: 01/29/2014 7:58 AM WNYT.com
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DETROIT (AP) — The W.K. Kellogg Foundation is giving $40 million to prevent the sale of Detroit art and help city retirees, raising the pool of money to $370 million.

The announcement was made Tuesday by a coalition of foundations. The group wants to continue to attract financial support from foundations and individuals while Michigan Gov. Rick Snyder tries to win approval for $350 million from the state.

City-owned art at the Detroit Institute of Arts could be vulnerable to sale in Detroit's bankruptcy. At the same time, Detroit's pension funds are short by $3.5 billion.

Detroit emergency manager Kevyn Orr has until March 1 to propose a plan to take the city out of bankruptcy.

(Copyright 2014 by The Associated Press. All Rights Reserved.)

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