Altos Hornos de México auction halted after judge rejects sale bases
A federal judge, Ruth Huerta of the Segunda Juzgado de Distrito de Concursos Mercantiles, rejected the draft bases for the auction of the bankrupt steelmaker Altos Hornos de México (AHMSA) and its subsidiary Minera del Norte (Minosa). She ordered the bankruptcy syndic Víctor Manuel Aguilera to correct the document within 72 hours, stating that the proposed bases introduced changes contrary to the scheme approved in June, such as separating assets deemed essential, allowing forced sales to non‑conforming guaranteed creditors, and imposing new economic burdens on bidders.
The approved plan calls for a minimum sale price of US$1.326 billion for the combined assets, with preferential treatment for certain guaranteed creditors, including Pemex, Cargill, Banco Afirme, Unifin, Caterpillar and Tubacero. The auction has already been delayed after a February attempt was declared desert due to lack of agreements with these creditors. The case remains in a critical stage, with authorities preparing to publish labor credit lists while awaiting revised auction bases.
Entities: Altos Hornos de México (AHMSA) · Minera del Norte (Minosa) · Pemex · Ruth Huerta · Víctor Manuel Aguilera
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 2 SOURCES] Preferred creditors include Pemex, Cargill, Banco Afirme, Unifin, Caterpillar and Tubacero. (e371b95c-bb5f-45ec-aa61-aede1c88fbef, ecf817b2-3e28-4869-8534-afb698fe79fa)
- [● 2 SOURCES] Federal judge Ruth Huerta rejected the auction bases for Altos Hornos de México and Minera del Norte. (e371b95c-bb5f-45ec-aa61-aede1c88fbef, ecf817b2-3e28-4869-8534-afb698fe79fa)
- [○ 1 SOURCE] The bases introduce new economic burdens on bidders and expand the role of a third‑party specialist. (ecf817b2-3e28-4869-8534-afb698fe79fa)
- [● 2 SOURCES] Judge ordered syndic Víctor Manuel Aguilera to correct the bases within 72 hours. (e371b95c-bb5f-45ec-aa61-aede1c88fbef, ecf817b2-3e28-4869-8534-afb698fe79fa)
- [○ 1 SOURCE] A prior auction attempt in February was declared desert due to lack of agreements with guaranteed creditors. (e371b95c-bb5f-45ec-aa61-aede1c88fbef)
- [● 2 SOURCES] The proposed bases would allow separation of essential assets and forced sale to non‑conforming guaranteed creditors. (e371b95c-bb5f-45ec-aa61-aede1c88fbef, ecf817b2-3e28-4869-8534-afb698fe79fa)
- [○ 1 SOURCE] Authorities are preparing to publish labor credit lists while awaiting revised auction bases. (82cc0fe2-daba-42fd-a931-5ef731a80e7d)
- [● 2 SOURCES] The auction plan sets a minimum price of $1.326 billion for the combined sale of AHMSA and Minosa. (e371b95c-bb5f-45ec-aa61-aede1c88fbef, ecf817b2-3e28-4869-8534-afb698fe79fa)