The Mangalia Shipyard is entering bankruptcy after the creditors' meeting rejected the proposed reorganization plan, and the current activity will be gradually halted as liquidation procedures begin, CITR, the company's judicial administrator, announced on Monday.
"The decision marks the yard's transition to the bankruptcy stage, during which current operations will be progressively wound down and liquidation procedures initiated in accordance with applicable legislation. The reorganization plan submitted for a vote aimed to identify a strategic investor capable of taking over the shipyard's activity and providing the financial resources needed for its relaunch," the release states.
The rejection of the plan requires the judicial administrator to notify the court, which will order the opening of bankruptcy proceedings and determine the next steps, the statement adds.
"The rejection of the reorganization plan means the company will enter bankruptcy and liquidation, but we emphasize that all salary rights will be respected and paid in accordance with the legal provisions in force," said CITR CEO and Mangalia Shipyard judicial administrator Paul Dieter Cirlanaru.
Throughout the procedure, CITR will continue to inform stakeholders about the major stages of the process and the timeline of measures to be implemented. The objective is to ensure that the procedure is carried out in an orderly and transparent manner, respecting the rights of all creditors and employees.
Reacting to the outcome in a social media post, Minister of Economy, Digital Transformation, Entrepreneurship and Tourism Irineu Darau said that Damen Shipyards Mangalia remains one of the most important naval industrial platforms in Romania and Europe, and that the Ministry has made sure that employees are protected, with salaries to be paid from the Guarantee Fund in the coming months.
"A stage comes to an end today for Damen Shipyards Mangalia. It is a difficult moment, but also the point from which we must look responsibly at what comes next. We have ensured that people are protected - through the Guarantee Fund - by securing salary payments for the coming months, and we will continue to work tirelessly to create the conditions for future investments that will capitalize on assets and human potential, with long-term prospects. The vote expressed in today's Meeting of Creditors by the majority creditor on the reorganization plan leads to the company entering bankruptcy proceedings. Yet we are not abandoning this shipyard - quite the opposite. We are in dialogue with all parties involved and will continue to act to protect Romania's strategic interest in the naval industry. This shipyard remains one of the most important naval industrial platforms in Romania and Europe, and its workforce is a valuable asset that must be preserved as much as possible," Darau wrote on Facebook.
According to the minister, the immediate priority is the payment of outstanding salaries, with amounts for December 2025, January and February 2026 already in the payment process.
"Bankruptcy means closing the current organizational structure, placing the shipyard in conservation and laying off employees, but it also creates the framework for identifying and building new solutions. The goal is to intelligently capitalize on existing assets and create the conditions for resuming activity, either by attracting investors or through other viable formulas," he emphasized.
The official added that the Ministry of Economy will use all available instruments to protect both the industrial capacity and the company's employees. "The most important thing is to facilitate sustainable, long-term investments for the future. I am committed to doing everything in my power to create these prospects. We know that not everything depends on us, but only with optimism and pragmatism will we manage to find solutions," Darau concluded.
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