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Policy: Budgets & Deficits

Toyota pledges $1M toward Detroit bankruptcy deal

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News,Business,Detroit,Michigan,Budgets and Deficits,Detroit Bankruptcy,Auto Industry,Toyota

DETROIT (AP) — Toyota has pledged $1 million toward the Detroit Institute of Arts' goal to raise $100 million to prevent the sale of art in Detroit's bankruptcy and help city pensioners.

The announcement was made Wednesday by the museum and Toyota Motor North America.

Simon Nagata, president of Toyota Motor Engineering and Manufacturing, said in a statement that the Detroit area is "vitally important to the automotive community" and deserves the support from the automaker.

The museum has pledges so far of most of the $100 million. The museum, the state of Michigan and the foundations together have agreed to give $816 million to the so-called grand bargain.

A trial to determine if Detroit gets out of bankruptcy is scheduled for Aug. 21.

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Online:

http://www.dia.org

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