Michigan Governor Rick Snyder named lawyer Kevyn Orr as Detroit's emergency manager, two weeks after he announced that he was taking over the city's government. This appointment is Snyder's next step in addressing the city's financial troubles, including $14.9 billion in long-term debt and pension obligations and a nearly $327 million deficit last year.
Orr comes from Jones Day law firm in Washington, D.C., where he worked on Chrysler's 2009 bankruptcy. He received his undergraduate and law degree from the University of Michigan, and specializes in business restructuring, commercial litigation, and financial institution regulation. He is something of a bankruptcy expert. According to Huffington Post:
Between 1995 and 2001, he also served as the director and deputy director of the Executive Office for United States Trustees, a division of the U.S. Department of Justice in charge of overseeing the administration of bankruptcy cases and private trustees.
We couldn't find any other ties to Detroit, though we'll update if we learn more.
"We must stop fighting each other," said Detroit Mayor Dave Bing at the news conference today, as reported by Bloomberg. "We must start to work together. I'm happy now I've got teammates, I've got partners to help me do what needs to be done in the city."
The Local Emergency Financial Assistance Loan Board formally confirmed Snyder's naming of Orr this afternoon.
Image courtesy of Jones Day.