PR bankruptcies dip in first half of 2012
There were 379 commercial bankruptcies filed through June, 16 percent fewer than lodged during the same six-month period in 2011, according to the Puerto Rico Boletín, a local bankruptcy data-gathering service.
The hardest-hit businesses were construction contractors (31), medical doctors (16), restaurants (13), grocery markets/colmados (12), and cafeterias (10).
A total of 917 bankruptcies were filed on the island last month, down 3 percent from June 2011. There were 913 filings in May.
The 5,242 bankruptcies lodged through the first half of the year is down 7 percent from the same period in 2011.
Chapter 11 (business reorganization) cases totaled 90 through June, down 8 percent from the year-ago period.
Chapter 7 (liquidation) filings totaled 1,811 through last month, down 8 percent.
Chapter 13 (repayment plan for individuals) filings totaled 3,324 for the first six months of this year, a 7 percent drop.
There were 16 Chapter 12 (reorganization for farmers) filings through June, a 6 percent dip from the year-ago period.
The 14 biggest commercial bankruptcies through June were: Berwind Realty ($58 million), Flor del Valle Hotel ($45.2 million), International Home Products ($43.3 million), Lausell Inc. ($24.3 million), Andres Martínez Quiñones ($20.1 million), Marimer Olazagasti ($18.6 million), Easy Rental Equipment ($14.5 million), Costa Bonita Beach Resort ($13.9 million), BMF Inc. ($8.9 million), Limadi Construction & Maintenance ($8.9 million), Alco Corp. ($7.7 million), Constructora de Hato Rey ($6.8 million), Germán López Belén ($6.7 million), and Advanced Computer Technologies ($6.1 million).