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Authorization for the winding-up of the companies Acenor, Adaro and Grúas y Utillajes

10/11/2006
Press release of the Ministry of Economics and Finance

The Council of Ministers has authorized to the state-owned industrial holding company Sociedad Estatal de Participaciones Industriales (SEPI) to order its affiliated company Cofivacasa, S.A. to proceed to the termination and cancellation of the entries on register of Acenor S.A., of the Empresa Nacional Adaro, S.A. in liquidation (Adaro) and of Grúas y Utillajes, S.A. (Grutisa).

Cofivacasa, S.A., a SEPI wholly-owned company centralizes the main operations for the orderly liquidation and winding up of the companies of the Group which no longer have any industrial or commercial activity. In 2002 SEPI sold to Cofivacasa all the shares of Acenor, on September 2006 those of Adaro and, since July this year, Cofivacasa is the owner of all the shares of Babcock Wilcox Española, S.A. (BWE), wholly owned by Grutisa. Acenor was left without industrial activity back in 1994, after the transfer of its activity and all its assets were assigned, as well as many of its liabilities, together with the operating workforce, to Aceros Inoxidables Olarra, S.A. and to Sidenor, S.A., being since then in an orderly liquidation process.

In order to streamline the consolidation perimeter of the Grupo Cofivacasa and at the same time of saving costs and time, it is authorized the winding-up without liquidation of Acenor through the transfer of assets and liabilities to Cofivacasa, or alternatively, through a merger with take over of a wholly-owned company (article 250 of the Companies Act).

Adaro has no assets or industrial activity, being limited to managing the recovery of the guarantees which it had granted for a number of technical assistance projects. Its winding-up has been authorized, with the assignment to Cofivacasa of its assets and liabilities or, alternatively, through the merger with take over of a wholly-owned company.

The activity of Grúas y Utillajes, S.A. (GRUTISA), consists in the management of its portfolio of participated companies. It is wholly-owned by BWE, a company which is in an orderly liquidation process, whose activity is focused on managing the lawsuits in progress, in managing and selling the portfolio of participated companies, as well as the management of other outstanding obligations. With the goal of progressing in the winding-up of BWE, it has been decided to proceed to the winding-up without liquidation of Grutisa, through the assignment to BWE of the assets and liabilities, or alternatively, through the merger with take over of a wholly-owned company.

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