Automakers Help Detroit Exit Bankruptcy
Automakers have helped the city of Detroit exit bankruptcy.
We reported previously that Ford, General Motors and Chrysler pledged to contribute $26 million to the Detroit Institute of Arts but those weren’t the only automakers to play a role in helping Detroit leave a bankruptcy. Toyota has also donated $1 million while numerous suppliers, including $2.2 million from a group of Japanese companies, also contributed.
SEE ALSO: Big Three Commit $26M to Save Detroit’s Art
The commitments from the automakers were part of the $100 million raised as part of Detroit’s bankruptcy restructuring plan. Over the past year, Detroit’s Big Three met and collaborated to save the city with Ford approving its $10-million commitment over 20 years on April 7. GM chosen to also donate $10 million with half coming from GM and the other half from the GM Foundation.
Chrysler will be donating $6 million over 20 years and it’ll come from the automaker itself rather than the Chrysler Foundation.
“It was a team effort,” said Jim Vella, head of the Ford Motor Company Fund. “There will be a case study done on this at some point from a philanthropic point of view.”
[Source: Detroit Free Press]
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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