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Issued : Wednesday, July 3, 2013 01:39 PM
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PR bankruptcies up in 2013 first half

By CB Online Staff

Bankruptcy filings in Puerto Rico inched up in June and are tracking higher through the first half of 2013.

A total of 935 bankruptcies were lodged on the island in June, a 2 percent increase over the same month a year ago, according to the Puerto Rico Boletín, a local bankruptcy gathering service.

The June filings pushed total bankruptcies to 5,454 so far this year, a 4 percent hike over the same six-month period in 2012.

Chapter 11 (business reorganization) cases totaled 106 through June, 10 more than the year-ago period.

Chapter 13 (repayment plan for individuals) bankruptcy cases totaled 3,465 through June, 24 fewer compared to the first five months last year.

Commercial bankruptcy filings in Puerto Rico were down 9 percent through May (the most recent data available), with a total of 290 registered in the first five months of the year. That was down from 319 cases during the same period in 2012.

Construction contractors (27), developers (11), restaurants (21) cafeterias (18) and mechanics (11) were among the hardest-hit sectors.

The 10 biggest commercial bankruptcies so far this year were: JVMW Properties Management Corp. ($25.7 million); Ramón Martínez Pérez ($25.7 million); SP Fabricators ($17.6 million); Hill Construction ($13.5 million), Empresas Benitez Toledo ($12.8 million), Pedro Barba ($7.8 million); AAA Coffee Break Service ($5.9 million); La Cima Hotel & Casino ($5 million); Joseph Patrick McCloskey Díaz ($5 million); and CV Steel Fab of P.R. ($4.2 million).

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