Tubos Reunidos information chapter and the CNMV suspends its itemizing | Companies | EUROtoday

The menace that loomed over the Tubos Reunidos firm has lastly been fulfilled. The firm knowledgeable the National Securities Market Commission (CNMV) this Monday that it’s submitting for chapter proceedings, after its board of administrators has realized that, “due to the treasury tensions that the company has been suffering in recent months, exacerbated by the unwanted stoppage of activity at its Amurrio plant, the company is in a situation of imminent insolvency.

Immediately afterwards, the CNMV announced the suspension of trading of the company, which has lost 56% of its share price so far this year.

In the notification to the CNMV, the Basque corporation explains that these circumstances, and without prejudice to the fact that the board of directors has been working in recent months on a viability plan that promotes the continuity of the company and its subsidiaries, to the extent that the premises necessary for viability today have not been guaranteed (especially the relevant cash inflow), the board, maintaining the position of prudence that has guided its actions, has been forced to request the declaration of voluntary bankruptcy.

This request was presented this Monday in the competent court of Álava. According to that statement, the decision to present the aforementioned declaration of voluntary bankruptcy proceedings, which has also been adopted by the administrative body of the company’s subsidiaries, has been adopted after obtaining the appropriate external advice and with the aim of protecting the interests of the group’s creditors, workers, suppliers and shareholders.

Currently, the staff of the Amurrio factory remain on indefinite strike, although a group of workers has managed to call an assembly on May 7 to decide whether or not to maintain this protest measure.

Tubos Reunidos has worked with the Uría Menéndez law firm in this competition. The company’s losses amounted to 118 million last year, compared to the profit of 28.6 million recorded in 2024. Accounts that have been aggravated by the impact of tariffs on imports from the United States, which tax operations related to steel and aluminum at 50%. The US market concentrates 45% of its consolidated sales.

Additionally, the company attributed the poor results to the weakness of the dollar and the strong pressure on prices in Europe due to low-cost tube competition. “The loss of demand has a relevant impact on the margin of an industrial activity characterized by a high structure of fixed or semi-fixed costs that requires achieving a minimum production volume to generate profitability,” the agency warned.

In those self same accounts, Tubos Reunidos assured that it was going through the “most decisive moment” of its “134 years of industrial history.” To overcome its disaster, the corporate offered to the Labor Inspection an Employment Regulation File (ERE) with 285 dismissals, by the route of incentivized dismissals. The preliminary measure contemplated 301 departures, out of a workforce of 1,300 staff.

EY, the corporate’s auditor, particulars within the 2025 annual report that Tubos Reunidos is in a compromised scenario attributable to a “material uncertainty that may generate significant doubts about the group’s ability to continue as a going concern.”

At the top of 2025, Tubos Reunidos had a gross monetary debt of 298.2 million, which, in web phrases, was 264.2 million, nearly 30 million greater than on the finish of 2024.

The firm, which within the final 10 years has solely obtained optimistic leads to two of them, maintains the majority of its liabilities primarily with the SEPI, with out progress thus far within the course of for its restructuring, which, in flip, complicates the attainable seek for buyers.

The Basque Government submitted to the SEPI, the principle creditor with 150 million, a proposal for the restructuring of the debt, however the refinancing answer provided by the SEPI, which rejects a attainable haircut and advocates flexibility in curiosity phrases, is just not ample. The State Society of Industrial Participations already got here to the help of Tubos Reunidos in 2021 with a mortgage of 112 million and the pursuits have elevated the debt to the present 150 million.