The Jordanian Cement Factories Company said on Sunday that it was filing for insolvency, citing adverse financial conditions, worsening as a result of the novel coronavirus, as the reasons for the move, the Jordan Times reported. Insolvency is a state of financial distress in which someone or a company is unable to pay its bills. The company said that difficult financial conditions faced by the Jordanian Cement Factories Co., and which it said were exacerbated by the spread of the coronavirus, have led to a partial stoppage of its operational activities, in terms of sales, collection and production operations. Established in 1951 as a shareholding company with a capital of JD1 million, Jordan Cement Factories Company has been one of Jordan’s largest and oldest industrial companies. In 1985, Jordan Cement Factories acquired the Southern Cement Company and raised its capital to JD60 million, according to the company’s website. Jordan endorsed the Insolvency Law in 2018. Read more.
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