# Phoenix Commodities now in liquidation was valued at more than $1bn in January | The National

> Phoenix Commodities, a rice trading and distribution group, was placed into liquidation with debts above $400 million after currency derivative trading losses in February and March. A liquidators' document shows it had been valued at $1.1bn to $1.24bn as recently as January. The collapse was driven by margin calls it could not meet.

- Date: 2020-05-13 · published 2020-05-13T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/7507-phoenix-commodities-now-in-liquidation-was-valued-at-more-than-1bn-in-january
- Commodities: [Rough Rice](https://feedsoft.ai/c/RICE.md)

## Why it matters

The firm's collapse is a financial event with limited direct impact on rice supply or prices. It may tighten trade credit for rice traders in the Gulf region.

## Read by commodity

- RICE: neutral

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/markets/phoenix-commodities-now-in-liquidation-was-valued-at-more-than-1bn-in-january-1.1019029

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.