Reported 2 days ago
Sinobec Group Inc., a Canadian aluminum trader, has filed for bankruptcy in the U.S. and Canada, citing the detrimental effects of the U.S. trade war, particularly tariffs imposed by former President Trump. The company, which struggled with $170 million in debt and significant operational challenges, reported that the trade conflict severely impacted its cash flow and ability to collect accounts receivable. With a plan to sell itself while under court supervision, Sinobec aims to repay creditors amidst a restructuring wave expected in the U.S. economy.
Source: YAHOO