The starting price for bankrupt Damen Shipyards Mangalia has been cut 25% to €138.03m ($155.3m) after four failed sale attempts, with a fifth auction scheduled for 9 October, according to a CITR sale notice.
The 13:00 auction in Bucharest will start at €138,034,320.47 ($155.3m), excluding VAT, equivalent to 75% of the yard’s €184,045,760.63 ($207.0m) assessed market value.
Bidders must provide a €13,803,432.05 ($15.5m) guarantee. The yard cannot be sold below its €84,148,210 ($94.7m) liquidation value.
Three earlier auctions on 29 June, 29 July and 28 August were held at the full €184.05m ($207.0m) valuation without securing a buyer. A fourth attempt on 1 October also failed.
Constanța Tribunal approved a revised sale mechanism on 7 September. The 9 October auction is the second sale date under that procedure but the fifth attempt to sell the yard overall.
Damen Holding BV appealed the court decision on 25 September. The ruling remains enforceable and the sale process is continuing.
The yard is being offered as a single functional lot comprising about 181,500 square metres of land, three dry docks measuring 302 by 48 metres, 322 by 48 metres and 360 by 60 metres, about 1,590 metres of quay, an assembly hall exceeding 10,500 square metres and about 40,300 inventory positions.
A 793,274-square-metre section of the site is Romanian state property held under a 49-year concession by Șantierul Naval 2 Mai. The successful bidder must secure an agreement with Șantierul Naval 2 Mai and/or the Romanian state for continued use of the land within 30 days.
Damen Shipyards Mangalia is a Romanian-Dutch shipbuilding joint venture on Romania’s Black Sea coast. Romanian state-controlled Șantierul Naval 2 Mai owns 51%, while Netherlands-based Damen Holding BV owns 49%. Damen acquired Daewoo Shipbuilding & Marine Engineering’s stake in the yard in 2018.