Detroit emergency manager files bankruptcy

DETROIT AP — Detroit on Thursday became the largest city in U.S. history to file for bankruptcy, as the state-appointed emergency manager filed for Chapter 9 protection.Kevyn Orr, a bankruptcy expert, was hired by the state in March to lead Detroit out of a fiscal free-fall and made the filing Thursday in federal bankruptcy court.A number of factors — most notably steep population and tax base falls — have been blamed on Detroits tumble toward insolvency. Detroit lost a quarter-million residents between 2000 and 2010. A population that in the 1950s reached 1.8 million is struggling to stay above 700,000. Much of the middle-class and scores of businesses also have fled Detroit, taking their tax dollars with them.In recent months, the city has relied on state-backed bond money to meet payroll for its approximately 10,000 employees.Orr was unable to convince a host of creditors, the citys union and pension boards to take pennies on the dollar to help facilitate the citys massive financial restructuring. If the bankruptcy filing is approved, city assets could be liquidated to satisfy demands for payment.”Only one feasible path offers a way out,” Gov. Rick Snyder said in a letter to Orr and state Treasurer Andy Dillon, approving the bankruptcy.

via Detroit emergency manager files bankruptcy.

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About steventorresramos

I have over (24) years of Computer Aided Drafting & Design experience and over (16) years of IT experience. After graduating high school I attended a Technical College and earned an Associate Degree in Drafting & Design. I then enrolled at the University of Puerto Rico where I earned an A.S. in Civil Engineering Technologies. While attending the Univ. of Puerto Rico I worked as a freelance Drafter for a variety of architects and engineers. During my senior year I began to work for the firm Planning Management & Development in Ponce, Puerto Rico. Two years later I was offered the position at Mario Corsino & Associates, which later became InterGroup a medium size Civil Engineering, Architectural and Planning firm in Bayamon, Puerto Rico. At InterGroup I became assistant chief drafter where I was responsible for 20+ drafters & civil techs, and this is also where I began my IT training. In 2000 I decided to move to St. Petersburg, FL where I was hired as CAD Manager at Advanced Engineering & Design a small Civil Engineering firm established in 1998. Currently still employed by Advanced Engineering & Design I’m now the CAD/IT Manager. I have also continued to expand my knowledge base in both the IT & CADD fields through continued training, certifications, and attending Autodesk University. I’m currently an Autodesk Certified Professional proficient in AutoCAD, Civil 3D and various other Autodesk products. I have been the President of the Tampa Bay Autodesk Users Group (TBAUG) since late 2007 and a member of Autodesk Users Group International (AUGI) since 1996. I have an A.S. Degree in Computer Networking , a Bachelors of Applied Science in Technology Management and currently finishing work on my Masters in Computer Information Systems. I’m a licensed drafter in the US Commonwealth of Puerto Rico, and a Microsoft Certified Professional. I hold certificates as a Microsoft Certified IT Professional: Server Administrator, Cisco Networking Associate Professional and Linux Administrator.
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