Jainaga and Tubacex show interest in buying Reunited Tubes
The bilbaine entrepreneur and the company of Llodio have completed the first procedure of the purchase process, showing interest prior to the submission of an offer.
The President of Sidenor and Talgo, the Bilbaine businessman José Antonio Jainaga, and the Alavesa company Tubacex have expressed their interest in making an offer to buy Reunited Tubes , which has beenin competition with creditors since May and in order to continue its activity it is essential that an investor make the purchase.
Last Monday, the deadline forinterested investors to submit the company's bids was opened, and EiTB has been able to confirm that Jainaga and Tubacex are among those interested in acquiring the company and have sent a confidentiality letter to the administrator expressing interest in the group.
This is the first stage of the process, after which they will have access to the financial information of the company, they will be able to visit the plants and hold meetings with the management and the trade unions in order to know exactly the situation and make decisions, and if they decide to proceed, they will have to submit a final offer by 14 September.
Jainaga has previously been in favour of the merger of the Basque steel industries and, on the other hand, the company Tubacex of Álava operates in the same sector as Tubos Reunion and this purchase could be complementary to its business, although it is currently under temporary employment regulation due to the situation of the Strait of the Middle East and the Strait of Hormuz.
The rules laid down for the procurement process stipulate that the administrators shall first attempt to sell the entire group, but if there is no offer to do so, the doors shall be left open for offers from any production unit in Tubos Reunion.
In assessing tenders that may be submitted, the Administrator shall take into account the impact of each proposal on the continuity of activity, on the cohesion of the business and on the maximization of return to all stakeholders, on employment and working conditions, and on the acceptance of liabilities, with a commitment to maintain the activity for at least 2 years.
Tubos Reunidos has a debt of 263 million, of which more than half (150 million) are owed to the SEPI. After a long period of consultations that led to mobilizations and strikes, the companyfiled an EECin March proposing the dismissal of 285 people.
The situation became a little more complicated when theUCO searched the offices of the National High Court, Santiago Pedraz, in a secret piece under investigation.
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