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Less than a year after the Detroit Institute of Arts promised to contribute $100 million to the grand bargain rescue fund at the core of the city's bankruptcy restructuring plan, the museum has crossed the finish line.

Museum board chair Gene Gargaro said Monday that he reported to Michigan Gov. Rick Snyder at the end of December that the museum had reached the present-value equivalent of its pledge to raise $100 million over 20 years.

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Less than two weeks after a federal judge approved Detroit’s historic bankruptcy plan, the Detroit Institute of Arts (DIA) has raised nearly 90% of its $100m goal to support the city’s regeneration. The museum has secured $87m in pledges toward the so-called Grand Bargain, an $816m scheme to support Detroit’s pensions and permanently transfer ownership of the DIA’s city-owned art to the museum.

The day before the judge’s verdict on 7 November, the DIA announced that 21 Japanese businesses with branches in Detroit, including Mitsubishi and Panasonic, had pledged $2.2m. Three-quarters of the money will go toward DIA’s commitment to the Grand Bargain, while the remaining 25% will help fund a long-planned but previously stalled reinstallation of the museum’s Japanese collection in a new gallery.

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The Detroit Institute of Arts (DIA) has cleared its biggest remaining hurdle to secure its art collection. Last week, the city of Detroit reached a settlement with its largest holdout creditor, the Financial Guaranty Insurance Company (FGIC). As Detroit’s 16-month-long bankruptcy trial comes to a close this week, the 11th-hour deal all but guarantees that the DIA’s collection will not be sold to pay down the city’s debt.

The bond insurer FGIC—which is owed around $1bn of Detroit’s $18bn debt—was one of the most vocal opponents to the so-called “Grand Bargain”, a scheme to safeguard the DIA’s collection while generating money for the city’s pensioners.

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Toyota is the latest car company to make a large contribution toward Detroit Institute of Arts’ goal to raise $100 million to prevent the sale of art in Detroit’s bankruptcy and help city pensioners.

“Toyota is committing one million dollars to support the Grand Bargain to help the City of Detroit and keep the Detroit Institute of Arts alive and well,” said Simon Nagata, president and chief executive officer of Toyota Motor Engineering and Manufacturing, North America, in a speech to the Management Briefing Seminars in Traverse City.

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A handful of business are pledging almost $27 million toward the Detroit Institute of Arts’ commitment to raise $100 million as part of a “grand bargain” that will help the city emerge from bankruptcy, support pensioners and protect the museum’s art collection for the public.

The $26.8 million comprises $10 million from Roger S. Penske and Penske Corporation, $5 million from DTE Energy, $5 million from Quicken Loans and the Rock Ventures Family of Companies, $2.5 million from BCBSM, $1 million from Meijer, $1 million from Comerica Bank, $1 million from JPMorgan Chase, $800,000 from Consumers Energy and $500,000 from Delta Air Lines Foundation.

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General Motors, Ford and Chrysler are driving into Detroit’s bankruptcy reorganization by pledging $26 million to help support retiree pensions while keeping the city’s art treasures off the auction block, officials announced Monday.

The money will go toward city pensions and will be part of the Detroit Institute of Arts’ $100 million commitment to what’s being called the “grand bargain” to resolve the largest public bankruptcy in U.S. history. It’s helping keep city-owned pieces in the museum off the auction block as some creditors demand they be sold to pay off some of Detroit’s billions in debt.

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