Commercial Bankruptcies up 26% Compared with February 2015
In February, 930 bankruptcies were filed in Puerto Rico, which was 109 more than for the same month last year, representing a 13.3% increase, according to final data from the Boletín de Puerto Rico. Bankruptcies have now been on the rise for four months. The year 2015 ended with 10,469 bankruptcies islandwide, which was 247 less than in 2014, or a 2.3% decrease. The number of bankruptcies has fallen in four of the past five years. For February 2016, 149 commercial bankruptcies were filed, 26% more than for the same month in 2015. Bankruptcies by business type consisted mainly of restaurants (22), grocery stores (10), beauty salons (6), cafeterias (5) and construction contractors (5). Meanwhile, in 2015, 52 more business bankruptcies were filed than in 2014. Total commercial bankruptcy debt for January and February 2016 was $355 million, which is 55% more than for the total debt for the same period in 2015. The largest commercial bankruptcies so far are S.M. Medical Services ($39.2 million), Norfe Group ($25.3 million) and A la Orden Discount ($23.3 million.) Bankruptcies reached their highest level in 2010 with 12,376, or 9.6% more than in 2009, the highest number since 2005, when then-President George W. Bush signed the new Bankruptcy Law. In March, 895 bankruptcies were filed—65 less than the same month last year—representing a decrease of 6.8%, according to preliminary data from Boletín de Puerto Rico.