New Jersey Gov. Chris Christie has appointed corporate turnaround specialist Kevin Lavin as the emergency manager for Atlantic City, and named Kevyn Orr, who helped Detroit through its municipal bankruptcy, as special counsel to Lavin. According to the executive order Christie issued Thursday, the emergency manager has the power to:
— Analyze and assess the city's financial condition.
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— Prepare within 60 days a plan to place the finances of Atlantic City in stable condition on a long-term basis by any and all lawful means, including the restructuring of municipal operations and the adjustment of the debts of Atlantic City.
— Negotiate with parties affected by the recommended plan for an adjustment of Atlantic City's debts and the restructuring of its municipal operations and, in his discretion, to recommend modifications of the plan as a result of such negotiations.
— Consult with all stakeholders, including the mayor and City Council, the Atlantic County Executive and the governing body of Atlantic County, representatives of bondholders, creditors, union representatives and others to secure the long-term financial stability and viability of Atlantic City and its economy.
— All state and city agencies and employees must cooperate with the emergency manager.