An Italian company specializing in electronics, had commissioned a supply of goods to a well-known Chinese manufacturer with which the company was regularly doing business.
The goods were regularly shipped but during the sailing there was a fire on the ship.
The incident caused serious damage to the ship and also to part of the material purchased by the Italian company, making it useless for commercial purposes.
Despite the news of the incident on board the ship was public, the Italian company became a debtor to the Chinese supplier for a total amount of one million dollars.
It was also included on a “Blacklist” that prevented her from operating on the Chinese market
The Company entrusted the case to WayOut Strategy.
WayOut Strategy analyzed the various options and after careful reflection together with the client, it opted for a negotiation based on a repayment plan quantified for the goods that could be recovered after the accident.
The transaction, thanks also to the International network of WayOut Strategy, has satisfied everyone.
With a fast action and the right contacts on location both parties have thus avoid additional spending on time and resources without having to start a legal action.
In addition, the name of the Italian company was then restored on the Chinese market as it was removed from the blacklist as agreed in the negotiation.