General Biz News

P.R. bankruptcies up 3% in Jan., Ch. 11 cases up 200%

The U.S. Bankruptcy Court in Old San Juan was active last month. (Credit: © Mauricio Pascual) The U.S. Bankruptcy Court in Old San Juan was active last month. (Credit: © Mauricio Pascual)

Puerto Rico began 2016 with 716 bankruptcy filings in January, representing a 3 percent year-over-year jump, statistics released Thursday by analyst firm Boletín de Puerto Rico show.

The report indicates that Chapter 13 personal reorganization filings prevailed, accounting for more than half of the cases on file for January, or 409. However, a year-over-year comparison shows that the category of filings remained almost flat.

In sharp contrast, there were 24 Chapter 11 reorganization filed in January, up 200 percent when compared to January 2014.

Meanwhile, Chapter 7 total liquidation cases reached 279 for the month, also remaining virtually flat year-over-year.

In the last category, Chapter 12 — filings reserved for agricultural businesses — there were four request for relief filed in January at the U.S. Bankruptcy Court.

Author Details
Business reporter with 25 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other areas of the economy.

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