In the United States commercial bankruptcy has jumped 56% in April compared with the same time last year, a report has shown. Businesses filing for bankruptcy rose to 5,173, while the total including those who file for individual bankruptcy rose to 93,096.
Tropicana Entertainment, which owns numerous casinos in Las Vegas and Atlantic City, has become the latest firm to file for protection against bankruptcy. Known as Chapter 11, this allows the company to reorganise and to plan strategies to keep the business running and pay creditors over a period of time.