Peruvian steel nails, wires, rebar, and electro-welded steel meshes distributor Comfer is being liquidated by its parent company Corporación Aceros Arequipa.
Aceros Arequipa acquired Comfer in February 2021 for $16.8mn and according to media reports plans to liquidate Comfer’s stock and assets at its El Callao facility. The companies have not given a final timeline for the liquidation process. Comfer’s liquidation follows a similar process put in motion by Aceros Arequipa for another distribution subsidiary Comercial del Acero Sac (Comasa) in January.
However, it remains unclear if this decision was taken to generate cash, pay Comfer’s debts, or if Aceros Arequipa, having already secured Comfer’s client portfolio, is moving for liquidation to distribute steel under its own brand name, as it did with Comasa.
The Latin American steelmaker has hired Alva Legal Asesoría Empresarial to act as its legal representative for the process. Alva will report on the progress of the dissolution process to Comfer’s shareholders every quarter.