Jordanian Cement Factories files for insolvency

The Jordanian Cement Factories Co has announced that it will file for insolvency on the back of adverse financial conditions, worsening as a result of the COVID-19 pandemic, according to The Jordan Times.  As a result, the company has partially halted sales, collection and production.

The company’s management had worked on a road map to restructure the company to increase sales, production and operational efficiency. However, the negative economic impact caused by the pandemic has impeded the progress of this plan, according to a statement.