The Civil Section of the Court of Instance of Vitoria-Gasteiz has issued an order to initiate the liquidation phase of Tubos Reunidos, responding to the request made on the past 20th by the board of directors of the steel group, which acted in accordance with the Insolvency Administration after no purchase offers were submitted.
As the company has communicated to the National Securities Market Commission (CNMV), the court has also decided on the dissolution of the company and the cessation of its administrators, who will be replaced in all their functions by the insolvency administration, the company PKF-Attest Concursal S.L.P.
The sale of the different productive units will continue to develop under criteria of "transparency and publicity, competitiveness, and equal opportunities by the insolvency administration," as the company has conveyed.
When the company made the liquidation request public last Tuesday, it already informed the staff that "in any case, liquidation is a process that takes time and does not imply the immediate closure of the company."
At the same time, the Fund for the Support of the Solvency of Strategic Companies (FASEE), managed through SEPI, has expressed its willingness to consider an adjustment of the repayment schedule of the public financing granted to Tubos Reunidos, as well as other associated conditions, in order to facilitate an exit that allows for the preservation of industrial activity and employment, according to sources from SEPI to Europa Press.
This option is part of the Fund's willingness to study, together with the insolvency administration and potential investors, all alternatives that may lead to a sustainable solution for the company, within the margin offered by current regulations.
The aim is to encourage the arrival of new investors and to reconcile the continuity of the company with the obligations linked to the public financial support received, as the same sources have explained.
In this regard, they have emphasized that the public nature of the resources requires that any proposal complies with the European framework of State aid, although this condition does not prevent the analysis of different options or the adaptation of repayment deadlines and terms to the extent permitted by law.
Dialogue with all parties involved
The sources of SEPI have reiterated the "full willingness to dialogue and negotiate" on the part of FASEE to help ensure the continuity of Tubos Reunidos' activity.
They have also pointed out that the Fund has maintained a position of dialogue and cooperation with the company and the different involved actors "from the very beginning," with the intention of exploring ways to overcome the current situation.
They have also reminded that this attitude is not exceptional, as the Fund has previously collaborated with other companies receiving public support to articulate flexibility mechanisms that have made new investments possible and have supported restructuring processes.
Consequently, FASEE reaffirms its intention to continue working with all parties, "without ruling out any viable alternative" that complies with regulations, with the aim of reaching a future solution for Tubos Reunidos, as the same sources have reiterated.