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.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
