The Board of Directors of the Spanish seamless pipe manufacturer Tubos Reunidos (TR), together with the bankruptcy trustee, appealed to the Vitoria-Gasteiz court with a request to begin liquidation of the parent company TRSA.
The decision concerns only the public company TRSA and does not affect Tubos Reunidos assets, production activities or employees, Kallanish told TR.
There have been no offers to purchase TRSA, so the parent company is no longer involved in the asset sale plan. This step is intended to simplify the sale of production units in accordance with the published procedure. Last week, five applicants were approved.
The court is expected to rule on the liquidation of TRSA in the coming days.
The parent company currently employs eight people. They will continue to work and focus mainly on supporting the sale of the group's production units. The corporate office in Madrid will be closed.
Author: Todor Kirkov, Bulgaria
