The federal judge who is handling the bankruptcy case of the steel company Altos Hornos de México (AHMSA) has required the trustee to respond to the request of the company Caterpillar to return the movable and immovable assets of the machinery manufacturer due to the impossibility of payment.
In addition, the same Second District Court for Commercial Bankruptcy Matters that is also handling the bankruptcy case of the mining arm of AHMSA, Minera del Norte (Minosa), reported that the trustee recognized the impossibility of paying debts for machinery and equipment to the Mexican company Maquinaria Diésel (Madisa), a Caterpillar distributor.
In the case of Caterpillar, things are complicated because although the law states that when a company is declared bankrupt, the administration of the company is transferred to the control of the trustee, in the case of AHMSA and Minosa, the shareholders headed by the businessman Alonso Ancira Elizondo have not handed over the companies.
AHMSA was declared bankrupt in the first week of November and Minosa was declared bankrupt in the first week of May. Seven months have passed without compliance with the requirements of the bankruptcy law.
A bankrupt company, in the possession of the trustee, begins the process for the sale of assets (free of liabilities) to pay creditors.