Business failures decline
Korea’s corporate bankruptcies dropped in April from the previous month due to a slowdown in failures among manufacturers, builders and service businesses, the central bank said yesterday.According to the Bank of Korea, 169 companies went bankrupt in April, down by 47 from a month earlier. The number of bankrupt service businesses declined by 25 to 66, with failed manufacturers falling by 21 to 58 and bankrupt builders decreasing by 3 to 38.
Despite the fall in business failures, the default rate on corporate bills ― bonds, checks and promissory notes ― gained 0.01 percentage point to 0.02 percent last month. The rate was tallied at 0.01 percent in Seoul and 0.13 percent in regional cities, the central bank said.
with the Korea JoongAng Daily
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