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Bankruptcies claim five Okinawa companies

Date Posted: 2007-12-14

Five Okinawa companies with liabilities of •850 million have filed legal bankruptcy in November.

The Teikoku Data Bank Okinawa says the five met legal requirements for companies with liabilities of •10 million or more to seek protection from creditors. The data bank says the number of companies going out of business in November was higher, but that the other companies didnít follow legal bankruptcy rules.

They simply closed the businesses, Teikoku Data Bank Okinawa says.

Civil engineering and real estate companies were in the most bankruptcy trouble. A shortage of new business, coupled with mounting bills, led to the actions. Civil engineering businesses cited reform changes in construction laws caused business to drop, and explained public contracts had decreased as well. Allegations of bid-rigging led to settlement payments in another case. Higher crude oil prices raised costs of doing business, but the companies said they couldnít pass those costs on to customers.

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