The previous auctions were held at the market value of EUR 184 million, excluding VAT, while the new starting price has been cut to EUR 138 million, according to News.ro.
Paul Dieter Cîrlănaru, general director of CITR, told News.ro that if there are no offers at 75% of the market value, another auction can be organised with a starting price of 50% of the market value.
However, the shipyard cannot ultimately be sold below EUR 84.15 million, excluding VAT, representing the liquidation value of the asset, according to the sale publication for the second auction term.
The new procedure follows a challenge by Damen Holding BV, the main creditor of Damen Mangalia, against a decision by the Constanța Court allowing the modification of the shipyard’s sale procedure. The initial procedure envisaged six monthly auctions, all starting at the market value of EUR 184 million.
Damen Shipyards Mangalia entered insolvency on June 19, 2024, at the request of its parent company, Damen Holding BV, which claimed 69.5% of the shipyard’s total debts recorded at the time. Together with other companies in the group, Damen controlled approximately 85% of the receivables.
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