The purpose of this section of the website is to keep shareholders promptly informed about the procedural status of the voluntary insolvency proceedings initiated on 4 May 2026 before the Commercial Court of Vitoria-Gasteiz.
11 May 2026. Orders declaring the insolvency of the subsidiaries of Grupo Tubos Reunidos and appointing PKF ATTEST CONCURSAL S.L.P. as their Insolvency Administrator.
The Civil Division of the Court of First Instance of Vitoria-Gasteiz, Court No. 7, issued two orders declaring insolvency: 1) one in case file 301/2026, jointly declaring the subsidiaries TUBOS REUNIDOS GROUP SLU and TUBOS REUNIDOS PREMIUM THREADS S.L. insolvent; and 2) another in case file 302/2026, jointly declaring the subsidiaries APLICACIONES TUBULARES, S.L.U., TUBOS REUNIDOS SERVICES, S.L.U., TUBOS REUNIDOS GMBH, TUBOS REUNIDOS AMERICA, INC. and RDT, INC. insolvent.
In both proceedings, the Court appointed PKF ATTEST CONCURSAL S.L.P. as the Insolvency Administrator and opened the common phase (Art. 30.1 TRLC), calling on creditors to notify the Insolvency Administrator of their claims within one month from the day following the publication of the declaration of insolvency in the Official State Gazette. Furthermore, in accordance with Article 106.1 of the Insolvency Law, since these are voluntary insolvency proceedings, the insolvent companies retain their powers of administration and disposal over the insolvency estate, subject to the supervision of the Insolvency Administrator, who may grant or deny authorisation as deemed appropriate.
15 June 2026: Orders publishing the rules governing the sale process of the subsidiary companies.
In the insolvency proceedings of TUBOS REUNIDOS GROUP, S.L.U. and TUBOS REUNIDOS PREMIUM THREADS, S.L.U. (301/2026), as well as in the insolvency proceedings of APLICACIONES TUBULARES, S.L.U., TUBOS REUNIDOS GMBH, TUBOS REUNIDOS AMERICA, INC., TUBOS REUNIDOS SERVICES, S.L.U. and RDT, INC. (302/2026), the Court has issued orders approving the publication in the Public Insolvency Register of the rules submitted by the Insolvency Administrator to govern the sale process, which will be conducted in accordance with the principles of transparency and publicity, competitiveness and equality of opportunity, and which the Insolvency Administrator intends to initiate imminently. These rules govern the bidding process for the potential acquisition of the mixed production unit or the companies included within the scope of the transaction.
17 June 2026: Order declaring the insolvency of TUBOS REUNIDOS, S.A. and appointing PKF ATTEST CONCURSAL S.L.P. as its Insolvency Administrator.
The Civil Division of the Court of First Instance of Vitoria-Gasteiz, Court No. 7, issued an order declaring the parent company TUBOS REUNIDOS, S.A. insolvent under case number 296/2026. The Court also appointed PKF ATTEST CONCURSAL S.L.P. as the Insolvency Administrator and opened the common phase (Art. 30.1 TRLC), calling on creditors to notify the Insolvency Administrator of their claims within one month from the day following the publication of the declaration of insolvency in the Official State Gazette. Furthermore, in accordance with Article 106.1 of the Insolvency Law, since these are voluntary insolvency proceedings, the insolvent company retains its powers of administration and disposal over the insolvency estate, subject to the supervision of the Insolvency Administrator, who may grant or deny authorisation as deemed appropriate.
Taking into account the interests of the insolvency proceedings, the principles of competition, transparency and equal treatment governing the competitive process, as well as the objective of maximising the value of the insolvency estate by obtaining the largest possible number of sufficiently analysed and well-founded offers, the Insolvency Administrator has exceptionally decided to extend the current deadlines for all interested parties participating in the process. Accordingly, today the Insolvency Administrator informed the interested parties and the Court of the new deadlines:
The deadline for submitting the Initial Offer has been extended to 7 October 2026 at 14:00.
The deadline for access to the Data Room has been extended to 30 September 2026 at 23:59.
7 October 2026.
The envelopes have been opened in the presence of a Notary Public, and the process of selecting the five best bidders, who will proceed to the next stage, has begun.
8 October 2026: Review of the offers received and requests for clarification from bidders as part of the sale process.
Following an initial review of the offers received as part of the sale process for the Mixed Production Unit or the companies included within the scope of the transaction, the Insolvency Administration and the Company have identified certain conditions that require further clarification to properly assess the scope of the proposals submitted.
In this regard, requests for clarification are scheduled to be sent to the bidders on 13 October, with a maximum response period of 48 hours, until 15 October 2026.
Once the clarifications have been received and reviewed, the five best bidders selected are expected to be formally informed on 16 October that they will move on to the next stage of the process. An anonymised summary of the main aspects of the offers received will also be shared, while maintaining the necessary confidentiality regarding the identity of the bidders.
This information will also be shared with the Board of Directors, the Legal Representatives of the Employees (RLT) and all employees. In addition, a meeting with the RLT is scheduled for 21 October to facilitate the review of the information received.
Finally, while remaining cautious given the current stage of the proceedings, it is worth noting that some of the offers received include proposals to maintain operations at the Tubos Reunidos Group plants.
16 October 2026: Selection of the five best bidders to proceed to the next stage of the sale process.
The envelopes were opened in the presence of a notary, and the process of selecting the five best bidders to proceed to the next stage began.
Following the receipt and review of the clarifications requested from the different bidders, the Company's Management and the Insolvency Administration have selected the five best bidders as part of the sale process for the Mixed Production Unit or the companies included within the scope of the transaction. These bidders will move on to the next stage of the process.
To provide shareholders with information on the outcome of this first stage, a document summarising the most relevant aspects of the five selected bidders and their respective offers is available through the following link, while maintaining the necessary confidentiality regarding the identity of the bidders.
The sale process for the productive units of the Tubos Reunidos Group continues to progress in accordance with the established procedure, with the participation of the five bidders selected and announced on 16 October.
On 19 October 2026, the Board of Directors of TUBOS REUNIDOS, S.A. (TRSA), in agreement with the Insolvency Administration, resolved to request the Commercial Court of Vitoria-Gasteiz to open the liquidation phase of the Group's parent company, whose shares are listed on the stock exchange. This company has not received any acquisition offers and therefore is not part of the sales process for the productive units.
The request to commence the liquidation phase, which was notified to the National Securities Market Commission (CNMV) and filed on 20 October, is subject to the corresponding court ruling (order), which must be issued within a maximum period of 10 days. The potential opening of this phase will not entail the closure of the industrial plants nor alter the sales process for the Group's productive units, which continues to move forward with the objective of finding a buyer capable of maintaining industrial activity and preserving the highest possible number of jobs, while also offering the highest possible purchase price.
Today, 26 October 2026, the Court Order issued by the Court of First Instance of Vitoria-Gasteiz (Court No. 7) has been formally notified. The Order approves the opening of the liquidation phase of TUBOS REUNIDOS, S.A. (TRSA), the Group's parent company, and declares its dissolution.
The Court Order also establishes that the Board of Directors ceases to hold office, with its functions being taken over by the Insolvency Administration, PKF-ATTEST CONCURSAL, S.L.P. However, the former directors will continue to represent the insolvent company in any related proceedings within the insolvency process in which it is a party.
This decision does not affect the sale process for the Group's production units, which continues in accordance with the established procedure, under the direction of the Insolvency Administration and following the principles of transparency, publicity, competition and equal opportunities.
5 November 2026: In light of the background and relevant facts, and following a detailed analysis, the Insolvency Administration has issued its reasoned and documented report, which includes the proposed classification of the insolvency proceedings of TUBOS REUNIDOS, S.A.
According to this report, in the opinion of the Insolvency Administration, both the insolvency proceedings of TUBOS REUNIDOS, S.A. and the other two insolvency proceedings involving the remaining companies of the Group should be classified as NON-CULPABLE, as none of the circumstances that would justify their classification as culpable insolvency are present.
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