The Senate of the Mexican Republic approved an agreement to create the Special Commission to Review and Oversee the Bankruptcy Process of Altos Hornos de México (AHMSA), which will have as its president Luis Fernando Salazar Fernández, the congressman for the northern state of Coahuila. Salazar Fernández is from the political party in power. The commission will be made up of a plural and equitable representation of the different parliamentary groups, the Senate reported in a press release.
The commission, reported the Senate of the Republic, "will have the objective of looking after the interests of the workers and former workers of the bankrupt company, and will seek to prioritize the payment of the settlements that are due to them by right."
With an installed annual production capacity of 5.5 million mt of liquid steel, AHMSA was paralyzed since the beginning of the year due to insolvency and on November 6, the federal judge who is handling the case declared it bankrupt, as SteelOrbis reported at the time.
With this resolution, the process began for the steel company's assets to be sold at auction to the highest bidder. Assets that will be free of liabilities (labor and financial). The proceeds from the sale will be used to pay off its creditors.