Sale of bankrupt Romanian shipyard Mangalia resumes at going concern price

The bankruptcy manager of Romanian shipyard Mangalia will try to sell the shipyard’s assets on July 29 at the same price asked in the first attempt (EUR 184 million), at the request of the creditors, among which the largest is the company’s minority shareholder and former manager Damen. The prospective buyers Rheinmetall and MSC abstained in the first round on June 27.

Rheinmetall's recent expansion through its acquisition of naval shipbuilder NVL has increased its presence in the European naval construction sector, including in Romania, where the company has already secured a major military shipbuilding contract. The Mangalia shipyard auction is seen as an important step in determining whether Rheinmetall will also establish production capacity in the country.