Overview
- Tubos Reunidos, which filed Monday for voluntary insolvency in an Álava court, had its shares halted by Spain’s market regulator.
- The company cited a cash crunch worsened by a strike that stopped output at its Amurrio plant after it proposed cutting 301 jobs through a redundancy plan, a formal mass layoff process in Spain.
- Management reported provisional 2025 losses of about €118 million and had been seeking to restructure roughly €263 million of debt.
- State holding SEPI is a key creditor after a €112 million pandemic loan that Spanish law does not allow to be forgiven, though payment schedules and rising interest terms could be eased.
- A syndicate of banks including Santander, BBVA and CaixaBank has not agreed to new financing, and no investor has emerged, putting 1,300 jobs and the Ayala valley’s industrial base under strain.