Aluminum ingots. Stock image.
A Canadian aluminum trader that had been struggling to restructure its debt has filed bankruptcy in the US and Canada, saying the American trade war helped push the company over the edge.
Sinobec Group Inc. arranges deals between sellers and buyers of aluminum ingots, as well as finished items like building products, shower doors and fences, the company said in court papers filed in federal court in Illinois on Tuesday.
For about two years, Sinobec had been working with lenders after defaulting on one of its loans, company owner and Chief Executive Officer Zhong Li said in court papers. Sinobec eventually hired financial advisor Alvarez & Marsal to help refinance about $103 million of debt, and lenders agreed to avoid taking action against the company.
Tariffs imposed in recent months by President Donald Trump hit Sinobec hard, the company said.
“This has exposed…
