MI: Detroit gets new financial manager

posted by
March 14, 2013
BBC News [UK state media]    
Posted in News, PND News

"An emergency financial manager with wide-ranging powers has been appointed for the troubled US city of Detroit, in the biggest state takeover for years. Kevyn Orr, a lawyer who worked on restructuring the carmaker Chrysler after bankruptcy, will be able to override elected officials. Detroit's finances have deteriorated because of the decline in the car industry, mismanagement and corruption. The city is running a $300m (£200m) deficit and has debts of some $14 billion." (03/14/13)

http://www.bbc.co.uk/news/business-21794157  

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