- Associated Press - Wednesday, January 29, 2014

DETROIT (AP) - Officials say the Detroit Institute of Arts will announce a $100 million fundraising effort to help stave off the potential sale of city-owned pieces in its collection.

Mediators in Detroit’s bankruptcy said Wednesday that the museum is prepared to join the state and foundations in a plan to help preserve pension benefits for city retirees.

Foundations and individuals have pledged $370 million, including $40 million from the W.K. Kellogg Foundation.

Gov. Rick Snyder separately is trying to win approval for $350 million from the state.

State-appointed emergency manager Kevyn Orr has said artwork owned by Detroit could be vulnerable during the bankruptcy.

Orr says the city’s debt is at least $18 billion with its pension funds short by $3.5 billion.



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