Kevyn Orr Named Emergency Manager of Detroit by Governor
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Michigan Governor Rick Snyder named Washington lawyer Kevyn Orr as emergency manager to lead Detroit out of a financial crisis that threatens to make it the largest municipal bankruptcy in the U.S.
Orr, 54, previously a partner at Jones Day who worked on the 2009 bankruptcy of the former Chrysler LLC, will tackle a city in a downward spiral of shrinking population and revenue, whose municipal government opposed a state takeover. Detroit’s deficit hit almost $327 million last year and its long-term obligations have grown to more than $14 billion, according to a recent state review.