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Mix-Ansicht- Japanese bankruptcies at 17-year high - marsch, 23.01.2002, 11:25
Japanese bankruptcies at 17-year high
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<td><font size=5>Japanese bankruptcies at 17-year high</font>
By Bayan Rahman in Tokyo
Published: January 21 2002 09:22 | Last Updated: January 21 2002 09:26
The number of Japanese companies that went bankrupt in 2001 rose to a 17-year high, marking the second worst year in post-war Japan for corporate failures.
Figures released on Monday by Teikoku Databank, a private research company, showed 19,441 went under in 2001, up 1.9 per cent from the previous year and largest number since 1984. Total liabilities, however, fell 32.4 per cent to ¥16,212bn from the previous year when two large life insurers collapsed.
The rise in the number of bankruptcies reflects the weak economic environment in which Japanese companies operate as they struggle against deflation and poor domestic and overseas demand.
Although some analysts argue the bankruptcies are a symptom of a necessary shake-out of corporate Japan, the large liabilities deepen concern about Japanese banks' loan portfolios, with some private analysts warning that the extent of non-performing loans is much higher than the government and the banks state.
The data came days after retailer Daiei asked its main creditors for financial help, in the form of debt-for-equity swaps, debt waivers and the retirement of preferred shares, worth ¥420bn.
Last year was marked by 14 listed companies filing for bankruptcy, matching the previous record set in 1997. Last year's failures included retailer Mycal and building contractor Aoki.
In December, bankruptcies fell 2.9 per cent to 1,505 year on year but liabilities surged 88 per cent to ¥1,560bn after Aoki and supermarket operator Kotobukiya collapsed.
Teikoku's data only cover companies with liabilities of Y10m or more.
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