PITTSBURGH — Absence doesn’t always make the heart grow fonder. When it comes to struggling companies amid a pandemic not taking steps to restructure or fend off creditors, some hearts may skip a beat.
Bankruptcy filings by Pittsburgh area businesses in 2021 dropped beneath 200 for the first time in at least 20 years at 169, dropping 20% under the previous low point, of 212 in 2020. During the three months ended Dec. 31, there were 43 commercial filings with the U.S. Bankruptcy Court for the Western District of Pennsylvania. Of these, 26 were Chapter 7 or liquidation, 12 were Chapter 11, or restructuring, and the remainder Chapter 13 for sole proprietors. The data was supplied by the American Bankruptcy Institute.
The full-year breakout saw twice as many Chapter 7 filings as Chapter 11s, 98 versus 46.
Read more about this milestone from our partners at Pittsburgh Business Times here.
This browser does not support the video element.