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Tuesday, December 1 - 2009

Lebanon's Uniceramic declares bankruptcy

  • Lebanon: Thursday, September 24 - 2009 at 10:51

Lebanon's largest ceramics manufacturer, Uniceramic, declared bankruptcy on September 17 after having incurred $10.18m in losses and being unable to fund its liquidity shortage, The Daily Star has reported. The company, which was founded in 1973, shut down operations and laid off the bulk of its staff in April 2008 due to the high cost of energy and tough competition. According to reports, Uniceramic's bankruptcy was mainly caused by failing to compete with imported products whose manufacturing costs were 73% less.

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