According to the Jordan Times, Jordan Cement Company said on July 6 that it was in poor financial condition and was filing for bankruptcy due to the impact of the COVID-19 epidemic. The company's statement pointed out that the difficult financial situation faced by the company was aggravated by the spread of the COVID-19 epidemic, which led to the partial suspension of its sales, production and other business activities, so the company has been unable to meet its obligations to employees, retirees and creditors.
Previously, the management of the company tried to restructure the company, formulate the company's development plan to improve the efficiency of sales, production and operation, and control costs, so as to limit the increase of burden and future obligations and increase liquidity. However, the negative economic impact of COVID-19 has hindered this progress. For these reasons, the company requested bankruptcy today to avoid liquidation.
The Jordan Cement Works Company has been one of the largest and oldest industrial companies in Jordan. It was established in 1951 with a registered capital of 1 million Jordanian dinars. In 1985, it acquired the country's Southern Cement Company and raised its capital to about 60 million. Jordan approved its bankruptcy law in 2018.
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