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Bankruptcies decrease, liabilities up

Date Posted: 1998-07-30

The number of companies going belly up in Okinawa is slightly below the recent average, but the liabilities involved are three times the total of last year. 84 companies in the prefecture filed for bankruptcy.

The largest number of failures was among construction companies with 31 going under. 21 companies in service industries were the next largest group, followed by retailers.

The Okinawa Prefecture Government has pledged to pump 47 billion in economic stimulus package in order to revitalize the local economy. However, many analysts warn that more failures will lie ahead because the basic capital position of many local companies is weak, and they cannot easily sustain heavy downturns in business.

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