On the same day that Mexican businessman and politician Alonso Ancira Elizondó lost ownership of the steel company Altos Hornos de México (AHMSA) due to the bankruptcy declaration, the “Special Commission” created by the Senate of the Mexican Republic began sessions.
On Wednesday, the shareholders headed by Ancira, ceded AHMSA to the trustee (auxiliary of the judicial power) to begin the process of selling the assets of the Mexican steel company, one of the largest in Latin America with an installed capacity of 5.5 million metric tons of annual production. Currently paralyzed by insolvency.
Although the objective of the “Special Commission” is to look after the interests of the company’s workers and former workers so that they receive their severance payment, the language of the press release becomes more political.
With the trustee’s control of AHMSA, the process for the sale of the steel company’s assets has formally begun. Assets that will be free of liabilities (labor and financial). The proceeds from the sale will be used to pay off its creditors.
Original Article: https://www.steelorbis.com/steel-news/latest-news/mexican-congress-commission-to-oversee-sale-of-ahmsa-steel-company-begins-sessions-1370325.htm
