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Damen Mangalia shipbuilding JV in Romania enters insolvency

Jun 20, 2024, 5:43:03 PMArticle by Bogdan Todasca
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June 20 (SeeNews) - Romanian insolvency administrator CITR, part of investment group Impetum, said the Constanta Tribunal has opened insolvency proceedings against Damen Mangalia, a joint venture of Dutch shipbuilding group Damen and the Romanian government.

Damen Mangalia shipbuilding JV in Romania enters insolvency
The Mangalia shipyard

The deadline for submitting claims on the debtor's assets is set for August 2, with the first creditors' meeting scheduled for August 27, CITR, which was named Damen Mangalia’s judicial administrator, said in a press release on Wednesday.

The list of creditors includes Damen Holding BV and ten other entities, according to court documents submitted to the Constanta Tribunal and published on the justice ministry’s online portal on Wednesday.

The Dutch shipbuilding group Damen filed a bankruptcy request against the joint venture in Romania in May. The creditor’s claim concerned loans totalling 160 million euro ($171.6 million) granted by Damen group to Mangalia shipyard since 2018, Radio Free Europe Romania quoted Laurentiu Gobeaja, trade union leader at the shipyard, as saying at the time.

The shipyard, initially known as Santierul Naval 2 Mai Mangalia, began building new ships in 1976. In 1997, Daewoo-Mangalia Heavy Industries, a subsidiary of Korea's Daewoo Shipbuilding & Marine Engineering, took over the enterprise, focusing on large container ships, bulk carriers, and tankers.

Damen acquired Daewoo's shares at the end of 2017 and took operational control in 2018. In August 2023, Damen announced it would exit the Mangalia shipyard joint venture invoking a legal framework that violated previously agreed-upon conditions, decision-making blockages, and lack of support from the Romanian partner.

($=0.9323 euro)

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