Pittsburgh Bankruptcy Attorney Jim Newell Quoted on Chapter 7 Filings in Pittsburgh Business Times

James D. Newell, a shareholder in the Bankruptcy & Creditors' Rights Practice of Buchanan Ingersoll & Rooney's Pittsburgh office, was quoted in a December 4, 2009, article published in the Pittsburgh Business Times. The article, titled Western Pa. business bankruptcies continue to rise in 3Q," discussed how business bankruptcies in the Western District of Pennsylvania are up 21 percent from a year ago.

According to Newell, "Anything that relates to home building — lumber, flooring, window manufacturers — have really had problems over the course of the last year, and I think you're now seeing those industries, not just in western Pennsylvania but nationally, find themselves unable to generate enough revenue to service their debt," he said. "I see a number of those cases here. Looking back to September of last year, a number of companies who may otherwise (have) found themselves getting extensions of credit or loan modifications were unable to produce them for various reasons."

The article went on to note that Newell believes it's likely that commercial real estate will become "a significant area of activity" in 2010, not necessarily in terms of bankruptcy filings "but stress in that market across the board."