Updated: At a 2:00 press conference, Governor Rick Snyder confirmed that University alum Kevyn Orr will become Detroit's emergency financial manager.

Michigan Gov. Rick Snyder has not appointed the emergency financial manager for the city of Detroit, but there has been speculation about a frontrunner.

University alum Kevyn Orr, a partner in the Jones Day law firm in Washington D.C., is, according to a report from the Detroit Free Press, Snyder’s leading candidate for the position.

Snyder spokesperson Caleb Buhs said it is too premature to identify the candidates for the appointment, since the decision to implement an emergency manager is still underway. Snyder is set to announce whether he will appoint an emergency manager in a press conference Thursday at 2 p.m.

Buhs said a qualified emergency manager would have significant financial experiences and would be capable of communicating and collaborating effectively.

Orr — who graduated from LSA and the Law School — helped Chrysler through its bankruptcy in 2009. According to a report from The Detroit Free Press, he spoke to both the governor and Detroit Mayor Dave Bing about Detroit’s finances.

Bing announced Monday that Orr’s law firm was selected as the reconstructing counsel for Detroit. The firm has experience in employee benefits, municipal finance, public projects and infrastructure, public pensions and litigation.

“The experience of the Jones Day law firm will be a valuable asset as we proceed with our plan for reconstructing the City of Detroit,” Bing said in a statement.

University Law Prof. John Pottow, who specializes in bankruptcy and commercial law, said the law firm has a large national presence. He added that Orr specifically is prepared for the emergency manager role due to his background in corporate reorganization.

“He’s used to dealing with tough, really painful situations that you have to do to keep a company alive,” Pottow said. “I think that will make him, I hope, a cool and dispassionate actor in the restructuring realm.”

Appointing an out-of-state lawyer would ensure the position was not motivated by political aspirations that could be attractive to a politician seeking political affluence, Pottow said.

Although he works at a large, national firm, he isn’t a complete stranger to Michigan life. He added that since Orr has University degrees, he holds some “cultural affiliation” with the state.

After Snyder signed the emergency financial manager bill on Dec. 27, a team of six members, including Andy Dillon, the state treasurer, has been meeting with city officials to determine whether Detroit is in a state of financial emergency.

Accepting the report the team produced, Snyder declared financial emergency on March 1. The report revealed that Detroit has $24 billion in long-term liabilities and a $327-million deficit.

The city has lost 200,000 residents between 2000 and 2010, and the population decreased from 1.5 million to fewer than 700,000 between 1970 and 2012.

State Rep. Jeff Irwin (D–Ann Arbor) said earlier this month that he believes the emergency manager appointment will not be a an effective solution for the city. He added that most emergency manager position holders have driven their respective environments further into debt.

“Obviously, it’s a bad thing for the city of Detroit,” Irwin said.