Source: NBC News
Michigan Governor Rick Snyder on Thursday appointed bankruptcy and restructuring lawyer Kevyn Orr as Detroit’s emergency financial manager in a state takeover of the city that could ultimately lead to Detroit filing for the largest municipal bankruptcy ever.
Orr is a bankruptcy expert who represented automaker Chrysler LLC during its successful restructuring. He will take control of Detroit’s beleaguered finances, including a $327 million budget deficit and $14 billion in long-term debt.
Orr’s appointment also makes Detroit the largest U.S. city to have its finances placed under state control.
Orr is a partner in the Jones Day firm, a Cleveland-based law and restructuring company that also will serve as Detroit’s restructuring counsel.
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