Spain's Tubos Reunidos faces insolvency sale and corruption probe

Tubos Reunidos reported to the Spanish securities regulator (CNMV) the terms for the sale of its parent company and subsidiaries as part of ongoing insolvency proceedings. The court‑appointed administrator has set confidentiality rules, opened a virtual data room for up to 30 working days, and will hold two meetings with worker representatives to disclose labour conditions. Potential buyers must submit an initial binding offer that includes a commitment to maintain activity for at least two years and may provide interim financing.

A judge has officially opened the competitive offer period, requiring proposals to guarantee a minimum two‑year continuation of operations, financing during the transaction, and assumption of selected liabilities. Offers will be evaluated on continuity, business cohesion and return for creditors.

Separately, the Audiencia Nacional magistrate Santiago Pedraz has charged 25 people in the “Leire” case, alleging irregularities in the awarding of public contracts and the 2021 SEPI rescue of Tubos Reunidos. The indictment includes Tubos Reunidos CEO Carlos López de las Heras, former executives, the former SEPI president Belén Gualda, and others, accusing them of receiving commissions totalling over €250,000 linked to the €112 million state aid. The investigation also highlights meetings in 2024 between company officials and political figures that allegedly facilitated the rescue.