CITR will relaunch the tender for Mangalia Shipyard at 184 million euros, with a decreasing price if no bidders come forward

Mangalia Shipyard will be put up for auction again after the court approved the sale as a single lot of the operating asset held by the company that entered bankruptcy. The first procedure will start at the market value of €184 million, but the price may be reduced in stages if no bidders come forward.

Judicial liquidator CITR will apply the mechanism provided for by the Civil Procedure Code, with thresholds of 100%, 75% and 50% of the appraised value. In extreme cases, if there is no interest even at 50%, the procedure could continue at a lower level.

The new regulations replace the strategy previously approved by creditors, which provided for six monthly auctions at the same price of €184 million. The first three auctions attracted no buyers, and the lack of bids was attributed in part to the significant gap between the market value and the liquidation value, estimated at €84.1 million.

The package includes land, buildings, equipment, inventories and accommodation facilities, and is designed to enable the full transfer of operations to an investor. CITR says the objective is to resume economic activity and preserve the shipyard’s industrial profile.

The sale is taking place against the backdrop of debts exceeding 2.1 billion lei. An additional claims schedule recently included 193.4 million lei, of which 119.6 million lei is claimed by ANAF, while more than 25 million lei represents employees’ entitlements. Insufficient funds reduce the chances of unsecured creditors recovering their money.

Meanwhile, the authorities have identified the shipyard as a possible site for a €920 million military contract, financed through the SAFE program, which would involve building four ships by 2030.