The Commercial Court of Vitoria-Gasteiz has declared Tubos Reunidos S.A., the parent company of the industrial group and a publicly traded entity, in voluntary bankruptcy proceedings. The judge has appointed PKF-Attest Concursal S.L.P. as the bankruptcy administrator to manage the process.
This ruling finalizes the process initiated last May, when the same court agreed to the voluntary bankruptcy of seven companies linked to Tubos Reunidos. The initial resolution included Tubos Reunidos Group S.L.U., with plants in Amurrio and Trapagaran, and Tubos Reunidos Premium Threads S.L., located in Iruña de Oca.
Subsequently, another order declared in bankruptcy Tubos Reunidos Services S.L.U., Aplicaciones Tubulares S.L.U., the German-based Tubos Reunidos GmbH, as well as the US companies Tubos Reunidos América Inc. and RDT Inc. In all these proceedings, PKF-Attest Concursal S.L.P. was appointed as the bankruptcy administrator.
However, the application submitted by Tubos Reunidos S.A., the group's parent company and the sole publicly traded entity, remained pending. For companies listed on the stock exchange, legislation requires the judge to first request a proposal of three candidates for the bankruptcy administration from the National Securities Market Commission (CNMV) before proceeding with the appointment.
Upon receiving the list from the CNMV, the court verified that PKF-Attest Concursal S.L.P., already responsible for the bankruptcy proceedings of the group's subsidiaries, was among the candidates. The judge considers it "coherent" to maintain a single bankruptcy administration for all procedures and has therefore opted to appoint them for the parent company's bankruptcy as well.
Once the offer period concludes, the company and the bankruptcy administration will proceed to rank the offers. The award will not be determined solely by the "highest nominal price" but by the "globally most advantageous offer." Priority will be given to the alternative that maximizes the overall value obtained and, as far as possible, preserves the productive unit as an ongoing economic entity.
