The creditors of the Romanian bankrupt shipyard Mangalia will meet on Friday, May 22, to vote on a new sale strategy consisting of at least 6 monthly auctions for the sale of the shipyard, starting from the going concern valuation of EUR 168 million, according to Economica.net.

The shipyard is supposed to build four ships under a contract worth nearly EUR 1 billion, financed under the EU-backed SAFE scheme envisaged by the Romanian state with the German group Rheinmetall. 

This is the second attempt to set the terms of the yard's auction sale. The previous one, on May 8, failed after the main creditor, Damen Holding BV (which holds 69.5% of the total debt), opposed the strategy proposed at that time.

iulian@romania-insider.com

(Photo source: Inquam Photos/Daniel Stoenciu)