James Newell Quoted Extensively in Pittsburgh Business Times article on Business Bankruptcies Lowering in Western PA

A recent Pittsburgh Business Times article titled, “Business Bankruptcy Filings Way Down,” discusses the lowering pace of bankruptcy filings in the Western District of Pennsylvania. While there are several reasons for the decline in business filings, shareholder James Newell said one reason he believes lenders and borrowers are avoiding bankruptcy court is the cost.

“Some think it might be too expensive or time consuming,” Newell said.

In the first quarter of 2013, there were just 65 filings in the Western District of Pennsylvania – a historic 10-year low, and it seems that the trend in numbers continues to decline.

Newell explained, “There are clearly fewer troubled loans than there were in 2009 and 2010 when we were in the depths of the recession. That’s been a trend over the past couple of years.” 

Read the article in its entirety – “Business Bankruptcy Filings Way Down” (Pittsburgh Business Times, May 30, 2013)