Doctors, restaurants lead Jan.-June bankruptcy petitions
During the first six months of the year, 17 medical doctors filed for bankruptcy protection, reporting more than $23.5 million in combined debt to the court, a report by research firm Boletín de Puerto Rico confirmed.
The data shows that between January and June of this year, 22 restaurants also sought the court’s protection, reporting more than $5.8 million in debt. Rounding out the top three types of businesses on a list of 20 categories were cafeterias, with 14 of them seeking relief from their $1.5 million in combined debt.
So far this year, a total of 244 corporate filings were submitted to the U.S. Bankruptcy Court in Puerto Rico, which represented a 46 percent drop from the 448 cases that were filed from January to June last year, the study showed.
However, 2016’s total reflected a 27 percent increase from the 353 commercial petitions that were filed during the same six-month period in 2015.
The list of the top 20 commercial filings by large businesses also includes: 12 construction firms, with $4.1 million in debt; seven farming operations carrying $7.2 million in debt; and, seven elderly homes, with $9.5 million in debt.
Boletín de Puerto Rico’s breakdown of businesses is broad, ranging from tire retailers to engineers to liquor stores. One of the largest petitions on file from a private company came in June from Better Roads Asphalt Corp., which owes more than $195 million to creditors.
Four dairy farms sought the U.S. Bankruptcy Court’s protection, with nearly $18 million in debt.