Michigan Governor Rick Snyder has named Washington lawyer Kevyn Orr as an emergency manager to lead Detroit out of a financial crisis that threatens to make it the largest municipal bankruptcy in the US.
Orr, a partner at Jones Day who worked on the 2009 bankruptcy of the former Chrysler, 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...
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