DETROIT – Gov. Rick Snyder confirmed his determination that a financial emergency exists in the city of Detroit and assigned management of the emergency to the Local Emergency Financial Assistance Loan Board (ELB),The ELB named Kevyn Orr as emergency financial manager, effective March 25, in a meeting held in Lansing this afternoon.
“After thoroughly reviewing the information presented in Tuesday’s hearing, I remain convinced that a financial emergency exists in Detroit,” Snyder said. “With this action and by working together, we can rebuild the sound financial footing needed in Detroit. The extensive experience that Kevyn Orr has in working to turn around financially troubled organizations will serve the citizens of Detroit well. He will bring a fresh, objective look at Detroit’s finances that is needed to end this financial crisis which has been more than a half-century in the making.”
Snyder said Orr’s three decades of experience in restructuring financially distressed businesses in diverse industries makes him the best candidate to restore Detroit to financial stability and put the city on a path to future growth.
Orr has Michigan ties, earning both a bachelor’s degree and law degree from the University of Michigan, and has practiced in the areas of business restructuring, financial institution regulation and commercial litigation since 1984. In 2001 he joined Jones Day, a global legal institution with more than 2,400 lawyers covering five continents. He specializes in assisting organizations experiencing severe financial trouble, ensuring that they were brought to proper resolution, including representing Chrysler in all aspects of its 2009 bankruptcy and restructuring. He also is the firm’s partner for hiring and diversity and serves on its advisory committee.
Orr will begin on Monday, March 25, and will work with Detroit officials and seek citizen input to create a written financial plan that will set a blueprint for solving the financial emergency.
For more information on the emergency financial manager and Detroit’s financial emergency, visit www.detroitcantwait.com.