Michigan Governor Rick Snyder has named the emergency manager for Detroit, and he’s chosen a bankruptcy expert. And at his opening press conference, Kevyn Orr warned the city’s creditors, unions, and vendors that they would not enjoy bankruptcy court with him.

The state takeover of Detroit’s finances comes after the City battled with deficits and shrinking populations for years. The annual deficit has climbed to $327 million and long-term debt is $14 billion. Orr says that turning the city around would be one of the greatest turnarounds in history and described the challenge as the Olympics of Restructuring.

To keep the City solvent, they must cut expenses and raise revenues – to the tune of about $15 million per month for the rest of the fiscal year.

The new manager will oversee all financial aspects of the City, including salaries for elected officials and renegotiating of contracts with unions.

Read the full article at the Oakland Tribune.