Rheinmetall Real Estate Romania has paid the full EUR 138.03 million purchase price for the assets of the Mangalia shipyard in Romania, judicial liquidator CITR announced. The parties signed the sale agreement after the payment was completed on November 9.<\/p>\n
The price, which excludes VAT, was established through the public auction held on October 9<\/a> as part of the shipyard\u2019s insolvency proceedings. Rheinmetall and its Swiss partner MSC won the auction.<\/p>\n CITR said the deal is the largest transaction ever completed in Romania involving a company undergoing insolvency or bankruptcy proceedings.<\/p>\n The ownership transfer has not yet been completed. It will take place after the parties obtain all permits, authorizations, and approvals required by law for a transaction involving assets considered strategically important.<\/p>\n \u201cThis development paves the way for the transfer to be completed and creates the conditions for revitalizing industrial activity at the Mangalia site,\u201d reads the CITR statement.<\/p>\n The EUR 138 million price represents approximately 75% of the shipyard assets\u2019 initial estimated market value of EUR 184 million.<\/p>\n Damen Holding BV, which owns 49% of the shipyard and is its main creditor, challenged the decision<\/a> that allowed the auction\u2019s starting price to be reduced. The Romanian state owns the remaining 51%.<\/p>\n