The Second Court in Commercial Matters has ruled that the public auction for Altos Hornos de México (AHMSA) and Minera del Norte (MINOSA) is void, halting the sale of assets from the steel company located in Monclova, Coahuila. This decision comes amid the court files 19/2023 and 77/2022, which indicate that the auction process did not meet necessary legal requirements, primarily the lack of agreement from secured creditors regarding the sale of assets connected to their respective rights.

The court emphasized that two key conditions were required for the auction to proceed: firstly, that all secured creditors needed to express their agreement to allow the related goods to be sold as part of the productive unit, and secondly, that the only qualified bidder had to provide a guarantee of seriousness. The failure to satisfy these conditions has now resulted in a 20-business day extension for restarting the asset sale process for both AHMSA and MINOSA.

This ruling underscores ongoing financial and legal challenges facing AHMSA, a significant player in the Mexican steel industry. The halt in the auction raises questions about the future viability of the company and the impact on the local economy, especially in light of the ongoing legal and financial scrutiny surrounding its operations. Stakeholders and workers will be closely monitoring developments as the court sets a timeline for potentially resuming the sale process and alleviating the company's financial distress.