The board of Spanish seamless tube supplier Tubos Reunidos (TR), in agreement with the insolvency administrator, has requested the Court of Vitoria-Gasteiz open the liquidation of TR’s parent company, TRSA.
The decision relates solely to the listed company and does not affect the company’s assets, its production operations or its employees, Kallanish understands from TR.
No offers have been received for TRSA and, therefore, the company is no longer part of the divestment plan. The action aims to facilitate the sale process of the production units, in line with the published procedure, with five bidders being approved last week.
The court is expected to issue its decision on TRSA’s liquidation in the coming days.
The parent company currently has eight employees, who will continue working, focusing mainly on supporting the sale process for the group’s production units. The corporate office in Madrid will be closed.
