US business bankruptcies rise 40 per cent in May

[OhioChick]

Source: Reuters

3 Jun 2009, 0716 hrs IST, REUTERS

NEW YORK: US business bankruptcy filings jumped 40 percent in May from a year ago as the sluggish US economy pushed more businesses into the red, a bankruptcy data provider said on Tuesday.

There were 7,514 commercial bankruptcy filings for the month, compared with just 5,354 during the same month a year ago, according to Automated Access to Court Electronic Records (AACER), a database of U.S. bankruptcy statistics used by attorneys and lenders.

In just two years, the number of businesses filing for bankruptcy in May has more doubled. Last month brought the bankruptcies of yellow pages telephone directory publisher RH Donnelley Corp, auto parts maker Visteon Corp and apparel retailer Anchor Blue Retail Group Inc.

Per day, 376 companies sought protection from creditors in bankruptcy court.

"The average filing amount per day is actually the highest since the bankruptcy law changed in October of 2005," said Mike Bickford, president of AACER.

The figures do not include Chrysler, which filed for bankruptcy in April or General Motors, which filed on June 1.


Read more: http://economictimes.indiatimes.com/articleshow/4611259.cms

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Times are good. :sarcasm:

[MercutioATC]

1. But...but....we're "turning the corner"!!!

:eyes:

[ChromeFoundry]

2. "Turning the corner" into becoming a third world country. n/t

[DJ13]

3. Everybody.... Visualize Green Shoots

Layered with fertilizer.

[MercutioATC]

4. I thought we were supposed to visualize whirled peas.

I NEVER get the memos!

[Double T]

5. Wall street and Washington can continue with their land of economic make-believe...........

while the rest of US must live with the reality of their fraud and corruption. Looks like 'green shoots' minus the 'oo' for business and the American worker.

[Abq_Sarah]

6. No surprise here

Apparently, there are a lot of businesses that are not too big to fail.

We lost three more in my town just last month.

[PSPS]

7. But the media was breathlessly reporting how the stock market was SURGING!!11!!

Oh, and so are sales of (foreclosed) houses!!111!!! Everything is great!!1!!

[Downwinder]

8. wonder how many media bankruptcies??

[dgibby]

9. And we can expect more of the same until the PTB in DC figure out that it's the JOBS, STUPID!!!

I spent 4 years in a 2 year algebra course in high school, and even I know that the economy isn't going to recover until people start buying. I also know that people without jobs/money don't buy. If I know this, then, believe me, it isn't rocket science. Hell, it isn't even higher math! Jeeze!

[OhioChick]

10. You're absolutely right. n/t