Mangalia Shipyard faces auction impasse amid insolvency

The Damen Mangalia Shipyard, currently in insolvency, is facing a critical period as it approaches its third auction attempt. Previous auctions failed to attract any bidders due to a high starting market value of 184 million euros. The shipyard's workforce has dwindled from over 1,000 employees to approximately 100, who are currently limited to security and maintenance tasks.

Legal proceedings at the Constanța Tribunal are expected to address the auction impasse. Liquidators have requested that the court allow for a sale process following the Code of Civil Procedure, which would permit a series of auctions starting at the market price and gradually decreasing. This mechanism is viewed by the Navalistul Union as the only viable way to attract interested investors.

Potential investors mentioned in relation to the site include the German company Rheinmetall and MSC. Notably, the Romanian government previously awarded Rheinmetall a 920 million euro contract for military vessel construction, with the potential takeover of the Mangalia shipyard being a component of that broader industrial strategy. If a sale is successfully concluded, proceeds would be used to settle debts owed to 12 creditors, including the state and employees.