Damen sues to halt court-approved fast-track sale of Romania’s Mangalia shipyard

Damen Holding BV, the largest creditor and 49% shareholder of Romania’s insolvent Mangalia shipyard, has taken the Constanța Court to task over a September 7 order that changes the sale method from six consecutive monthly auctions starting at €184 million to an accelerated process that reduces the price to 75% and then 50% if no bidder emerges. The Dutch firm seeks to cancel this procedure, arguing it undermines creditor interests and the chance to secure a higher recovery.

The dispute threatens the anticipated acquisition by German defence contractor Rheinmetall, which plans to produce several Romanian Navy ships under the EU-funded SAFE programme. Union leader Laurențiu Gobeajă cautioned that prolonged legal uncertainty could stall the yard’s reopening and jeopardize its role in defence projects. If Damen’s appeal succeeds, the original auction schedule would be reinstated, potentially extending the timeline for a new investor. The shipyard has been largely idle since entering insolvency on June 19 2024, and its future is pivotal for Romania’s shipbuilding and defence sectors.