Governor Rick Snyder of Michigan named Washington, D.C.based Jones Day restructuring partner Kevyn Orr to serve as emergency financial manager for Detroit on Thursday, less than a week after the city itself retained Jones Day to act as its restructuring counsel. Detroit ended last year with a $327 million deficit and is grappling with $14 billion in long-term debt.
It will now be up to Orr, 54, a University of Michigan Law School graduate and veteran of Chapter 11 proceedings in the 2009 bankruptcy of Auburn Hills, Michiganbased automaker Chrysler, to help return the Motor City to a semblance of fiscal stability.
