Reuters

Kevyn Orr has a background in business restructuring, and worked on Chrysler's 2009 bankruptcy.

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.

About the Author

Most Popular

  1. Equity

    This Startup Helps You Buy a House (If You Hand Over Your Airbnb Income)

    For buyers in hot real-estate markets, a new kind of mortgage offered by a company called Loftium might offer a way to purchase a home.

  2. Smoke is released into the sky at an oil refinery in Wilmington, California
    Environment

    What Will Happen to the Gulf Coast If the Oil Industry Retreats?

    Hurricane Harvey pummeled the country’s energy infrastructure, and there are few incentives in place to promote renewables.

  3. Transportation

    The Commuter Parking Benefit Is Seriously Hurting Cities

    The federal government spends $7.6 billion a year paying people to drive to work, and it’s making traffic and pollution worse. Here’s how some cities are fighting back.

  4. Design

    Octopuses Are Urbanists, Too

    Scientists were surprised to find that this smart and solitary species had built a cephalopod city. Why?

  5. Boston Mayor Marty Walsh at an event outside City Hall.
    Transportation

    Boston Transportation Advocates Aren't So Sure About Their Mayor

    Some in “America's Walking City” say Marty Walsh has brought big promises, but few results for walking, bicycling, and public transit.