Damen conditions support for reorganisation of Romanian shipyard Mangalia on full recovery of claims

The creditors of the insolvent shipyard Damen Mangalia, following a meeting on March 25, decided to defer for at least seven days the meeting dedicated to making a final decision on the reorganisation plan proposed by the insolvency firm CITR. However, the main creditor (and minority shareholder) Damen Holding implied that endorsing the reorganisation plan, which would keep the shipyard on the market, depends on amendments that would guarantee full recovery of its claims.

The creditors' meeting took place while the company’s employees were holding a rally, as they had not received their wages for the past three months.