Tubos Reunidos filed for voluntary creditors' arrangement on Monday before an Álava court due to cash tensions worsened by the indefinite strike at its Amurrio plant. The CNMV immediately suspended trading of its shares. The company aims to protect the interests of creditors, workers, suppliers, and shareholders.
Tubos Reunidos' board of directors notified the Comisión Nacional del Mercado de Valores (CNMV) of the decision, taken after external advice from the law firm Uría Menéndez. "Due to the cash tensions the company has been suffering in recent months, aggravated by the unwanted paralysis of activity at its Amurrio plant," the company faces a "situation of imminent insolvency," the statement reads.
The CNMV suspended trading of the shares, which have lost 56% of their value this year. The firm reported losses of 118.1 million euros in 2025 and net debt of 264.2 million, mainly with SEPI, which rose above 150 million after an initial 112 million loan in 2021.
The indefinite strike at Amurrio continues, though a group of workers called an assembly for May 7. Previously, the Labor Inspectorate approved an ERE for 242-285 workers out of a 1,300-strong workforce, despite challenges from unions including ELA, UGT, LAB, and ESK.
Basque Government Industry Councillor Mikel Jauregi stated that "with the opening of the insolvency proceedings, a new stage opens for Tubos Reunidos," prioritizing industrial continuity and jobs while restructuring debt and seeking investors. The regional government expressed its "absolute commitment" to support a viable new project in Aiaraldea.
