Tuesday August 4, 2020

Detroit gets emergency manager to ward off bankruptcy

Detroit becomes the sixth Michigan city with an emergency manager, a specialist in corporate restructuring.

15th March, 2013
An abandoned warehouse in Detroit

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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