Tubos Reunidos parent company enters liquidation phase

The parent company of Tubos Reunidos has requested the opening of a liquidation phase following a lack of suitable offers. This move follows the company's entry into insolvency proceedings and a significant financial crisis characterized by accumulated debts of approximately 300 million euros.

Five potential bidders have been identified for the company's productive units, including plants in Amurrio and Trapagaran. However, a major conflict has emerged regarding a debt owed to the Spanish state-owned company SEPI. While the five interested parties refuse to assume the SEPI debt, SEPI maintains that the debt should transfer to the acquired productive units. SEPI has indicated a willingness to take the matter to European justice to defend its interests, citing potential State aid concerns if the debt were forgiven.

The selected offers involve potential workforce reductions and changes to working conditions. Negotiations between the bidders and labor unions are expected to continue through the first week of December, when definitive offers must be presented. Meanwhile, the liquidation of the listed holding company is expected to wipe out approximately 21.7 million euros for shareholders.