Tubos Reunidos to the Works Council he informs him that he has not decided to enter the competition, but that it is one of the options

Tubos Reunidos informed the works council on Monday that no decision has been taken on the possibility of entering into a creditor competition, although it is working on this situation, for which the office Uria Menéndez has long been hired, as confirmed to Europa Press sources familiar with the company's situation.

These days there have been rumours of the registration of the creditor competition in court, which has intensified today, which has caused the shares of Tubos Reunidos to fall at intervals of about 40%. Around 15:40, the stock price was 0.1436 euros (-35.89%).

On Monday, a delegation from the Amurrio Works Council approached the headquarters in Bilbao, where, among others, they were received by the CEO, Carlos López de las Heras, who informed them that "no decision has been taken "on the possibility of entering the competition. The trade unions have explained that the directors have reminded them that this is a decision to be taken by the Board of Directors.

However, knowledgeable sources of the current situation have pointed out that this is one of the possible scenarios that cannot be ruled out, given its difficult economic situation and, above all,conditioned by the impact on the business of the tariffs on air imposed by the United States, one of its major markets. Moreover, the conflict in the Middle East has further exacerbated this situation.

The company closed last year with losses of 118 million and has launched a feasibility plan that includes, on the one hand, the closure of the Amurrio steelworks, the outsourcing of logistical activities and the dismissal of 240 workers from the factories in Amurrio and Trapagaran (Bizkaia). To this end, the unions failed to reach an agreement and the ELA, UGT, LAB and ESK unions have opposed it.

The company, which in the last 10 years has achieved positive results in only two of them, maintains a debtof EUR 263.2 million, mainly with the SEPI, although, for the time being, it has not advanced the restructuring process, which in turn hinders the search for potential investors.

The Basque Government submitted a proposal for debt restructuring to the SEPI, which is the main creditor with 150 million, but the refinancing solution offered by the SEPI, which rejects a possible write-off and advocates flexibility in interest periods, is insufficient. The State Company for Industrial Holdings helped Tubos Reunidos with a loan of 112 million in 2021, and interest has raised the debtto 150 million.

In this situation, the company is studying and preparing all possible situations, including the competition of creditors, and, as part of this examination of possibilities, it has long hired the Uria Menéndez office to prepare this possible measure.