South Korea's corporate bankruptcies fall

Last Updated: Tue, Mar 19, 2013 09:20 hrs

Seoul, March 19 (IANS) South Korea's corporate bankruptcies fell to a record low last month as business days declined due to the Lunar New Year's holiday, central bank data showed Tuesday.

The number of companies that went belly-up decreased from a month earlier to 85 in February, according to the Bank of Korea (BOK). The reading was the lowest since the bank began compiling the data in January 1990, reported Xinhua.

The record low figure came after the Lunar New Year's holiday moved to February this year from January last year, reducing working days last month.

The default rate on corporate bills, including bonds, checks and promissory notes, came in at 0.09 percent last month, down 0.05 percentage point from the previous month.

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