Mangalia shipyard sale price lowered amid creditor dispute

Romania’s Mangalia shipyard is slated for a new auction with a starting price of €138 million, excluding VAT, a cut from the earlier €184 million market-value baseline. The shipyard’s general director, Paul Dieter Cîrlănaru, indicated that if offers fall short of 75% of market value, a subsequent auction may begin at 50% of that figure, though the sale cannot drop below €84.15 million, the liquidation threshold. This adjustment comes after Damen Holding BV, the principal creditor of the insolvent Damen Mangalia, contested a Constanța Court ruling that permitted changes to the sale procedure. The shipyard entered insolvency on 19 June 2024 after its parent claimed 69.5% of its debts, with the group controlling about 85% of receivables.