Damen challenges Rheinmetall’s EUR 138 mln acquisition of Mangalia shipyard in Romania

The Dutch company Damen Holding BV, the previous operator of the ailing Mangalia shipyard in Romania, has challenged in court the tender through which German defense manufacturer Rheinmetall won the auction for the shipyard on October 9, 2026, offering EUR 138 million.

Damen is the main creditor of the Mangalia Shipyard. The company challenged the court ruling that allowed the starting price to be reduced as part of the shipyard's sale procedure, paving the way for its acquisition by Rheinmetall earlier this month, after four unsuccessful attempts.

The sale price of EUR 138 million is equivalent to 75% of the initial starting price of EUR 184 million.

The court's decision to allow the starting price to be reduced was justified by the lack of bidders in the first four tenders held. Judicial liquidator CITR asked the insolvency judge on May 14, 2026, to approve the application of the provisions of the Civil Procedure Code, which allowed the price to be reduced to 75% of its initial value. A few hours later, Damen Holding BV filed a request proposing a different strategy: holding six consecutive monthly tenders without reducing the starting price.

However, the Creditors' Meeting, in which Damen Holding holds 70% of the total claims, approved the strategy proposed by the liquidator. After the first three tenders held under this strategy attracted no buyers, the insolvency judge subsequently allowed the price to be reduced in accordance with the Civil Procedure Code, and Rheinmetall won the fifth tender.

In the challenge it filed, Damen Holding argued that applying the legal provisions concerning the price reduction is erroneous in light of recent legislative amendments.

“The law no longer refers to the maximum 12-month period for the sale of assets, and the notion of a ‘reasonable period’ remains undefined,” the document consulted by News.ro stated.

Meanwhile, representatives of the 2 May naval shipyard, which is controlled by the Romanian state and is the majority shareholder in Damen Mangalia, with a 51% stake, accused Damen Holding of obstructing the sale process. They claimed that the Dutch company was allowed to attend Creditors' Meeting sessions to approve the proposed sale strategy, but was absent or opposed it, thereby contributing to delays in the process. They also stressed that the accumulation of current debts during the bankruptcy period reduces the chances of recovering claims.