CLOSE

A DC bankruptcy lawyer now has more say over Detroit’s future than its mayor or city council. Michigan Gov. Rick Snyder named Kevyn Orr as the city’s emergency manager, following up on his unprecedented move to put the city’s finances under state control.

Michigan National Action Network Leadership Attends President Remarks on Fiscal Cliff

“In many respects, it’s a sad day,” said the governor. “But again I like to say it’s an opportunity.” Orr, a University of Michigan grad who worked on Chrysler’s 2009 restructuring, says he thinks the turnaround can be done in six months.

That might be a tall task considering Detroit’s $327 million budget deficit and $14 billion long-term debt, but Orr will have the authority to renegotiate labor contracts, sell city assets, suspend salaries, and generally impose his will on the budget. “We can rise from the ashes,” says Orr. The state will pay him $275,000 for the job.

READ MORE

Related Links:

Emergency Financial Manager Law – Michigan – Fieger Law

Text “HOT1075” To 77000 To have the first chance at ticket giveaways and breaking news!…Standard Messaging Rates Apply

LIKE HOT 107.5 On Facebook To Keep Up With Your Fave Black Celebs!

×