Reuters: Bankruptcy News: Polish corporate bankruptcies hit multi-year high in July

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Polish corporate bankruptcies hit multi-year high in July Aug 12th 2013, 10:00 WARSAW | Mon Aug 12, 2013 6:00am EDT WARSAW Aug 12 (Reuters) - Corporate bankruptcies in Poland rose by more than a third in annual terms in July, reaching their highest level since the eruption of the global financial crisis in 2008, according to credit insurance corporation KUKE. KUKE expects the level of corporate bankruptcies to stay high also in coming months as the economic slowdown from last year takes its toll on firms but noted that recent data from the economy showed there may be improvement ahead. "There are reasons to believe that the worst is behind us," KUKE wrote. Polish courts declared 94 firms bankrupt by last month, up from 85 in June and 60 in May, most often in the construction sector that is seen as highly vulnerable to economic cycles. that's an increase of 34.3 percent versus one year ago. The construction industry in Poland has been hit especially hard by falling public investment as the economic downturn reduced state tax revenue and infrastructure investment. The paper and recreation sectors were also affected. Poland is due to release a flash estimate of its second-quarter gross domestic product data on Wednesday and analysts polled by Reuters expected the economy to show signs of recovery. Growth in the April-June period is seen at 0.8 percent year-on-year, up from 0.5 percent in the first three months of the year. (Reporting By Karolina Slowikowska, Editing by Thomas Atkins) Link this Share this Digg this Email Reprints

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