DETROIT, MI (WKZO) -- Michigan's governor appointed an auto-industry turnaround expert Thursday to steer Detroit back from the brink of ruin.
Bankruptcy expert Kevyn Orr says he remains optimistic about the city’s future as he takes on the newly-appointed position of Detroit's Emergency Financial Manager, but he says he is willing to take the city into Bankruptcy if he can’t get the concessions he needs from employee unions, vendors and others, but he calls it a last resort.
As for taking on such a challenge, he says has a chance to be responsible for the greatest turnaround in history. Governor Snyder says that Orr's three decades of experience in restructuring financially distressed businesses makes him the best candidate to restore Detroit to financial stability.
His appointment takes effect March 25. On March 28 a new public act takes effect making all current EFMs, including Orr, emergency mangers.
Orr will be making $275-thousand a year in the position, which is reportedly a major cut in pay for the D.C. attorney.