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Monday March 12, 12:40 PMFebruary corporate failures rise 5.6%, up for 2nd straight month(Kyodo) _ The number of corporate bankruptcies rose 5.6 percent in February from a year earlier to 1,102, for the second straight month of increase, a private credit research agency said Monday.Debts left by the failed companies came to 289.51 billion yen, up 0.35 percent, Tokyo Shoko Research said. The agency's data cover companies that went under with debts of 10 million yen or more. About two-thirds of the firms cited sluggish sales as the main cause of their bankruptcies, the agency said. Despite the rise in the number of bankruptcies, Tokyo Shoko Research said the number "remained at a low level" in February, reflecting the nation's economic expansion. The number was the fourth-lowest for the month of February in the 10 years since 1998, it said. The number of firms that went under with debts of 1 billion yen or more came to 54, the second-lowest in 10 years for the month of February. The number of bankrupt firms rose from the year-before level in six of 10 monitored industrial sectors. The six are the transport, agricultural and mining, wholesale, retail, real estate and telecommunications sectors. According to a report released the same day by another private research firm, Teikoku Databank, bankruptcies came to 818 in February, up 5.3 percent from a year earlier. But their combined debts shrank 13.7 percent to 280.60 billion yen, the lowest figure since April 2005 when comparable data became available. The Teikoku Databank report covers only corporate failures filed with courts and involving debts of 10 million yen or more. |
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