The City of Detroit is now under direct management of the State of Michigan.
In an effort to save the city from bankruptcy, Michigan’s Gov. Rick Snyder has appointed Kevyn Orr to fix the city’s financial mess and save it from total collapse.
The 54-year-old Orr is a high-powered Washington lawyer who worked on Chrysler’s 2009 bankruptcy restructuring. He will be charged with the task of stabilizing a city drowning under more than $14 billion in long-term liabilities, including an accumulated deficit of $327 million, a plummeting tax base and unprecedented population loss.
Detroit is the largest city in U.S. history to be taken over by its home state.
