Iron Orr

摘要

It is, says the man who has to deal with it, "the Olympics of restructuring". After decades of population decline (see chart on next page), political bungling and corruption, Detroit, once America's third-largest city, now needs an emergency manager to save it. In March the state of Michigan appointed Kevyn Orr, a bankruptcy lawyer (pictured overleaf), to the unenviable job. In May, to no one's surprise, he declared the city insolvent. Its ability to borrow was exhausted after years of issuing long-term debt to pay its bills. The city has liabilities of more than $17 billion, or $25,000 for everyone who lives there. Residents can escape these debts simply by moving away; many have done just that.