Bankruptcy filings skyrocketed in November, when a total of 823 cases were filed, representing a whopping 20 percent increase when compared to the same month last year, according to preliminary figures released by research firm Boletín de Puerto Rico.
Scrub Island Development Group Ltd., the owner of a posh resort in the British Virgin Islands, has filed for Chapter 11 protection in a Florida bankruptcy court to ward off a request for receivership granted to FirstBank Puerto Rico through which it seeks to collect on a $108 million loan.
The Puerto Rico bankruptcy court saw a slight 2 percent drop in activity in October, when 1,020 cases were filed. During the first 10 months of the year, filings dropped by 4 percent to 9,165 cases, according to research firm Boletín de Puerto Rico, which collects and analyzes court data.
A Dow Jones/Factiva content provider since 2014
Subscribe to our Dollars & Sense podcast!
