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New Financial Manager set to take over in Detroit

DETROIT (NEWSCHANNEL 3) - On Thursday afternoon, Governor Rick Snyder announced the person he has chosen to be Detroit's new Emergency Financial Manager.

His name is Kevyn Orr, and he's tasked with having to dig Detroit out of $14 billion in long-term debt.

Snyder said late Thursday afternoon that he thought he's picking the perfect person for the job in Orr, a man who most may not have heard of, but who has some deep experience.

Orr represented Chrysler in its bankruptcy proceedings, and has been involved in some high-profile cases.

Newschannel 3 Political Reporter David Bailey says that Orr seems to be a fit, in the sense that he knows the financial side very well, but Governor Snyder also seems to think he's getting someone who knows the political side as well.

Orr will have to try to partner with some people in the motor city who really don't like the EFM process.

Some city leaders in Detroit recently said the Governor is exaggerating the extent of the situation in the city.

Many experts say Detroit is going to soon run out of money to pay its liabilities.

That's where Orr comes in--a man who says he's ready for a gigantic challenge.

Orr's appointment makes Detroit the largest U.S. city to have its finances placed under state control.