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Snyder had announced two weeks ago the state would be commandeering the city's finances as it teeters on the brink of bankruptcy.
Orr, who works out of Washington for law firm Jones Day, is best known for handling Chrysler's restructuring in 2009. He closed dealerships in the face of strong opposition from industry groups.
“In many respects it’s a sad day,” Snyder said Thursday afternoon during a news conference in Detroit, according to the New York Times' Monica Davey. "But again I like to say it’s an opportunity.”