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The Madrid Mercantile Court in Spain has declared Elsamex SAU, an IL&FS subsidiary as insolvent.
In July, the management of Elsamex SAU, Spain, a wholly-owned subsidiary of IL & FS, filed for insolvency in the Madrid Mercantile Court. In 2019, the Board of Elsamex unanimously agreed for initiation of voluntary insolvency proceedings in Spain.
Pursuant to the said Order, the Spanish court has appointed Judicial Insolvency Administrator for Elsamex SAU, it said in a filing to the exchanges.
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