Spanish seamless tube supplier Tubos Reunidos (TR) has filed for voluntary administration, Kallanish notes.
The company says in a note to the Spanish National Securities Market Commission (CNMV) that it has failed to secure either new financing or strategic partnerships aimed at boosting the group’s business.
“The board has taken note of the fact that, due to the cash flow difficulties experienced in recent months, exacerbated by the unintended suspension of operations at its Amurrio plant, TR is facing imminent insolvency,” the company states.
TR stresses that the application for voluntary administration filed with the competent court in Álava covers all the group’s subsidiaries, with a view to protecting the interests of…