Filings of Business Cases Decline 13%

Bankruptcy filings by U.S. businesses fell 13% during a recent 12-month period, according to a new report, reflecting improved borrowing conditions for distressed companies.

Business bankruptcies totaled 31,952 in the 12 months ended March 31, compared with 36,785 a year earlier, according to the Administrative Office of the U.S. Courts in Washington. The figures include a 41% drop in filings under Chapter 11, which allows companies to restructure without giving up control to a court administrator.