The turnaround expert who represented Chrysler during its successful restructuring is taking on one of the toughest fiscal tasks anywhere in the country: Fixing Detroit.
Kevyn Orr, hired Thursday as Detroit's emergency manager, brings expertise from his work at one of the world's largest law firms plus the threat of Chapter 9 bankruptcy, which he says favors cities like Detroit when it comes to erasing debt.
"Don't make me go to the bankruptcy court. You won't enjoy it," Orr said Thursday in a possible warning to city unions, vendors and others after being introduced by Gov. Rick Snyder as Detroit's emergency manager.
"Bankruptcy's been my stock and trade. I'm very comfortable in bankruptcy courts," said Orr, who has resigned from the international Jones Day firm ahead of his new appointment. "You can do everything by consent. ... When I say consensual, I mean ... let's get at it and work together because we can resolve this."Read Article