Kellogg Foundation Commits $40 Million to Rescuing Detroit

Both the Detroit Free Press and the Detroit News are reporting that the W.K. Kellogg Foundation on Tuesday committed $40 million to a philanthropic fund to help resolve Detroit’s bankruptcy.  Kellogg thus joins nine other national and local foundations in the unprecedented municipal rescue effort. 

Kellog’s pledge is the third-largest to the now-$370 million fund aimed at shrinking Detroit’s multibillion-dollar pension liability and shileding masterpieces at the Detroit Institute of Arts from possible sale to satisfy creditors.  The Ford and Kresge foundations have promised $125 million and $100 million, respectively.

VEJ