# Tubos Reunidos insolvency and restructuring process

> Live situation record from CLSTR: https://clstr.news/situations/tubos-reunidos-insolvency-and-restructuring-process
> Updated: 2026-10-20T07:27:30.000Z. Sources: 13. Developments: 3.

Tubos Reunidos, a company facing 300 million euros in debt, has entered a critical phase of insolvency proceedings to avoid dissolution. Initially, the insolvency administration sought binding proposals accompanied by a 5% deposit to ensure the continuity of plant operations, specifically focusing on the Trapagaran plant in Bizkaia and the Amurrio plant in Álava. By mid-October, the company selected five anonymous offers to proceed to the next stage. These proposals vary widely in value, ranging from 27.5 million euros for the Trapagaran facility to symbolic offers of a single euro. All five selected offers involve plans to reduce the workforce of approximately 1,300 employees and implement changes to working conditions. While investor identities remain undisclosed, reports suggest industrialist José Antonio Jainaga is among the candidates. The proposals are set to be presented to the Board of Directors and worker representatives for evaluation. On October 20, the board of directors agreed to liquidate the company’s publicly traded holding company, Tubos Reunidos S.A. (TRSA), following a lack of interest from bidders regarding the parent company’s shares. This decision was coordinated with the insolvency administrator, PKF Attest, and communicated to the National Securities Market Commission (CNMV). Management clarified that the liquidation of TRSA does not imply the immediate closure of production plants, nor does it alter the ongoing process to sell the group’s productive units. The objective remains to select an offer that preserves industrial activity and as many of the 1,300 jobs as possible while negotiating debt write-offs. A major conflict has since emerged regarding debt owed to the Spanish state-owned company SEPI. While the five interested bidders refuse to assume this debt, SEPI maintains that the obligation should transfer to the acquired productive units.

## Timeline

### 2026-10-20: Tubos Reunidos parent company enters liquidation phase

Tubos Reunidos' parent company has requested liquidation as bidders for its productive units clash with SEPI over the assumption of approximately 150 million euros in state debt.

10 sources. https://clstr.news/cluster/tubos-reunidos-to-liquidate-its-publicly-traded-holding-company

### 2026-10-16: Tubos Reunidos selects five offers involving job cuts

Tubos Reunidos has shortlisted five offers for its sale, all of which involve workforce reductions and changes to working conditions for its 1,300 employees.

3 sources. https://clstr.news/cluster/tubos-reunidos-selects-five-offers-involving-job-cuts

### 2026-10-13: Tubos Reunidos faces decisive phase to avoid dissolution

Tubos Reunidos is entering a final phase to avoid dissolution, with five binding offers being evaluated to manage its 300 million euro debt and ensure plant continuity.

3 sources. https://clstr.news/cluster/tubos-reunidos-faces-decisive-phase-to-avoid-dissolution

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Cite as: Tubos Reunidos insolvency and restructuring process. CLSTR, https://clstr.news/situations/tubos-reunidos-insolvency-and-restructuring-process