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Bankruptcies dip while local debt rises in 2005

Date Posted: 2006-04-07

Mixed signals are coming out of a new report from the Civil Credit Research Company.

The Tokyo-based companyís Okinawa branch reports local corporate bankruptcies dropped from 83 cases in 2004 to 76 last year. Forecasts for 2006 arenít good, though, with predictions of many new bankruptcies that could affect more than 1,000~1,500 workers.

Debt soared to new heights in 2005, rising to 145.2% of the baseline. Total debt was fixed at Y55,847,000,000.

Experts say a decision by the Prefectureís Fair Trade Commissioners to levy damages and surcharges against 136 construction companies involved in bid rigging schemes could drive up the bankruptcies numbers by July or August. Experts say the stigma arising from the repayment demands could preclude local construction companies from obtaining new contracts from clients, sending their precarious financial status into a further downward spiral.

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