Damen Holding challenges in court the sale of Mangalia Shipyard to Rheinmetall for 138 million euros

Damen Holding BV, the principal creditor of Mangalia Shipyard, is challenging the decision of the insolvency judge by which the sale procedure was amended and the auction starting price was reduced. The challenge will be examined by the Constanța Tribunal on November 4.

Rheinmetall Real Estate România SRL was declared the winner on October 9, after offering 138 million euros, representing 75% of the initial value of 184 million euros. The company is wholly controlled by the German Rheinmetall group.

The dispute began in May 2026, when the judicial liquidator CITR requested approval for the sale under the Civil Procedure Code, a procedure that allows the price to be reduced after auctions with no bidders. Damen claims that the court applied a legislative provision amended at the end of 2025 and challenges the interpretation of the term “reasonable.”

The first four auctions attracted no buyers. In parallel, the 2 Mai Shipyard, controlled by the Romanian state, accuses Damen of delaying the procedure. Rheinmetall and MSC intend to develop civilian and military vessels in Mangalia, and the transaction is expected to be completed within a few weeks.