Romanian court postpones ruling on Mangalia shipyard sale to Rheinmetall

Damen, which owns 49% of the shipyard and is also its main creditor, is challenging the sale procedure, under which the shipyard was sold for 75% of the value established by the asset valuation, Libertatea reported.

On October 9, Rheinmetall Real Estate Romania won the auction for the Mangalia shipyard, accepting a price of EUR 138 million, equivalent to 75% of the initial asking price of EUR 184 million. The price offered by the German group covers roughly a third of the shipyard’s debts to creditors.

The German company has so far paid only the participation guarantee, representing 10% of the starting price.

Damen challenged in court the bankruptcy judge’s decision to allow the sale price to be reduced under the Code of Civil Procedure, arguing that recent legislative changes had not been observed.

On May 14, 2026, the CITR liquidator asked the court for permission to apply the provisions of the Code of Civil Procedure, which allow the starting price to be gradually reduced if an auction attracts no bidders. Damen Holding, however, proposed a different strategy: six consecutive monthly auctions at a fixed price of EUR 184 million.

After the first three auctions held under this strategy failed to attract bidders, the bankruptcy judge allowed a change in the procedure, and Rheinmetall was declared the winner at the fifth auction.