Third Auction for Damen Shipyard Mangalia Set for August 28 Amid Financial Challenges
The third auction for Damen Shipyard Mangalia is scheduled for August 28, starting at a market value of €184 million. Previous auctions failed due to the high starting price and ongoing financial difficulties, leaving significant debts to creditors, including nearly 120 million lei owed to ANAF.
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Damen Shipyard Mangalia will conduct its third auction on August 28, with a starting price of €184 million, reflecting its market value rather than its inventory valuation of €84 million. The shipyard, currently in bankruptcy, employs only 100 workers for maintenance and security out of over 1,000 previously.
Major creditors include ANAF, with a recovery amount of approximately 120 million lei, while employees are owed around 25 million. Potential buyers MSC and Rheinmetall express interest but seek a lower starting price.
A court decision on September 4 could influence the bidding process, allowing for potential recovery of debts if conducted under civil procedure guidelines. The interim Minister of Defense proposed linking the shipyard to military orders to enhance its appeal despite existing debts, potentially securing contracts worth €1 billion.
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