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Puerto Rico bankruptcies +3% in June, -7% so far in ’15

Bankruptcy cases were lower year-over-year in June. (Credit: © Mauricio Pascual)

Bankruptcy cases were up year-over-year in June. (Credit: © Mauricio Pascual)

Island bankruptcy cases for the month of June were up 3 percent, with total liquidation cases filing leading the pack, a preliminary tally from Boletín de Puerto Rico released Wednesday showed.

There were a total of 874 bankruptcy cases of all types filed at the U.S. Bankruptcy Court during the sixth month of the year, and 5,036 cases total for the year so far, the data shows.

The cumulative result is 7 percent lower, year-over-year, with 395 fewer cases filed during the first six months of 2015.

When broken down by chapter, the data shows that Chapter 7 cases, or total liquidation, were up 14.9 percent in June, with 370 cases filed — or 48 more cases on file versus the same month in 2014.

A total of 12 Chapter 11 cases — or those allowing the debtor to work through their financial situation while still managing their business — were filed in June, representing four fewer cases filed this year and a 25 percent drop for the month when compared to 2014.

Personal bankruptcy cases, or Chapter 13, were down nearly 3 percent, with 491 cases on file for the month. So far this year, 2,790 cases have been filed, representing a 0.5 percent drop when compared to the same six-month period in 2014, the report showed.

Chapter 12, or those filings only open to farmers, were down 80 percent in June, with a single case filed. So far this year, seven agricultural operations have sought the court’s protection, representing a 36 percent drop in comparison to the same period in 2014.

Author Details
Author Details
Business reporter with 29 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 segments of Puerto Rico’s economy.

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