Reuters: Bankruptcy News: Michigan governor sets Thursday announcement on Detroit manager

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Michigan governor sets Thursday announcement on Detroit manager Mar 13th 2013, 22:46 By Dawson Bell LANSING, Mich., March 13 | Wed Mar 13, 2013 6:46pm EDT LANSING, Mich., March 13 (Reuters) - Michigan Governor Rick Snyder scheduled a Thursday news conference in Detroit where he is expected to appoint an emergency manager to take over the finances of the state's largest city. The top candidate for the job is Kevyn Orr, 54, a partner in the Washington, D.C. law firm Jones Day, who worked on the 2009 bankruptcy of Michigan-based automaker Chrysler, said a source with direct knowledge of the choice. An advisory from Snyder's office on Wednesday did not specifically state that he will announce the appointment of an emergency financial manager, but another source with direct knowledge of the governor's decision said it is "highly likely." Detroit is destitute after years of economic decline, mismanagement and population flight to the suburbs seeking jobs and better basic services. The financial manager will have broad powers to run the city, supplanting the elected city council and mayor. The manager could ultimately recommend that Detroit file the largest municipal bankruptcy in U.S. history.

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