May 13, 2020 / 6:34 AM / 15 days ago

Business bankruptcies in Sweden in wake of pandemic slowing - UC

STOCKHOLM, May 13 (Reuters) - The wave of bankruptcies that has followed in the wake of the outbreak of the novel coronavirus in Sweden looks like slowing in May, credit information firm UC said on Wednesday.

UC said that, based on figures from May 1 to May 12, it expected 21 companies per day to register as bankrupt, compared with 20 in the same month in 2019.

“The first figures in May indicate that the increase in bankruptcies we saw in March and April has slowed down,” UC economist Richard Damberg said in a statement.

However, UC said it expected continued problems in the restaurant and hotel sectors, with the number of bankruptcies likely to rise by 50% in May compared with the same month a year earlier.

In April, overall bankruptcies increased 30% compared to the same month in 2019. (Reporting by Simon Johnson; editing by Johannes Hellstrom)

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