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News Lafarge Jordan files for insolvency

Lafarge Jordan files for insolvency

Written by Global Cement staff 27 May 2021
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Jordan: Lafarge Jordan has had its insolvency filing approved by a court in Jordan. The Jordan Times has reported that the company has capital of US$84.6m, while its accumulated losses are US$169m. It has blamed weak demand and an inability to cope with variable operating and administrative costs made worse by the coronavirus crisis.

The company said that it plans to continue its reform process so that it is able to meet its obligations under insolvency law. It added, “The company intends to adopt a well-thought-out and actionable financial plan to pay off its debts and meet its liabilities within reasonable legal periods and in agreement with creditors.”

The subsidiary of Switzerland-based LafargeHolcim owns two integrated cement plants in the country. However, its Fuheis plant has been mothballed since the early 2010s. Its Rashadiyah plant has two production lines but one has been unused for over a decade and the other is reportedly operating at 40% of its capacity.

Last modified on 02 June 2021
Published in Global Cement News
Tagged under
  • Jordan
  • Lafarge Jordan
  • Bankrupt
  • LafargeHolcim
  • Plant
  • GCW508

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