Tubos Reunidos has asked a court in Vitoria-Gasteiz to liquidate TRSA, its listed holding company, after no bidder wanted it, while five approved bidders compete for the group's seamless-tube plants at Amurrio & Trápaga under Spain's going-concern production-unit mechanism. The move follows the group's voluntary insolvency filing in May 2026 & is designed to simplify the sale of the operating business, which continues production alongside its workforce intact; the parent's eight employees will support the process & the Madrid office will close. Shareholders face wipe-out & delisting, creditors recover from the unit sales, & the court's decision is expected within days