Damen Shipyards Mangalia sale procedure modified by court

The Constanța Tribunal has approved a change in the sale procedure for Damen Shipyards Mangalia SA (DSMa) following three failed auctions. Previously, the shipyard was offered at a fixed starting price of approximately 184 to 186 million euros, which failed to attract bidders.

Under the new court-approved procedure, the liquidator, CITR, can organize new auctions starting at the current market value. If no offers are received at this level, the price may be gradually reduced in subsequent rounds. The court also approved the sale of the functional asset as a single block rather than in pieces, following the rules of public auction within forced execution procedures as outlined in the Civil Procedure Code.

The shipyard faces significant financial challenges, with reported debts exceeding 2.1 billion lei. There are concerns that the asset could eventually be sold for a price lower than the value of its existing machinery, drawing comparisons to previous industrial liquidations in Romania.