Tubos Reunidos says European report on SEPI debt write-off is not binding
Tubos Reunidos argues that the European report suggesting a write-off of its 150 million euro debt with SEPI would not be possible "is not binding" and does not represent the European Commission's definitive position. The insolvency administration classifies the loan as "subordinated", meaning it should not be transferred with the productive units, something the potential buyers are demanding. The company told its workforce that in the first 20 days of October it booked orders worth about 15 million euros, 105% more year-on-year, though it does not rule out delays in payroll and extra payments.
In 45 seconds
- Tubos Reunidos says the European report on the SEPI debt is not binding and is not the European Commission's definitive position
- The insolvency administration considers the debt a subordinated participating loan that should not be transferred with the productive units
- The five selected bidders ask not to assume the 150 million euro debt with SEPI
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IASummary generated by artificial intelligence from a story by ORAIN. It may contain errors: the original source prevails.
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