The Constanta Court opened the insolvency procedure of Damen Mangalia, and CITR Bucharest branch was appointed judicial administrator, according to a CITR press release.

„In this complex project, we will contribute with all the know-how of the CITR team accumulated during over 22 years in the management of restructuring through the insolvency procedure with a major impact on our economy. In the next period, the CITR team will analyze the company’s activity in order to understand in depth the business and to identify the conditions in which recovery is possible. We aim to ensure as much stability and clarity as possible to all those involved. As we are used to, we will ensure the transparency of the entire process,” Paul Dieter Cirlanaru, CITR’s CEO, said in the release.

The role of the judicial administrator, according to the legal mandate, is to find the optimal solutions for the recovery of the company. The first step in the insolvency procedure will be the understanding of the business and the parts that weaken the company’s performance, the definition of the recovery strategy and the plan for its realization.

Damen Shipyards Mangalia is located on the Black Sea coast of Romania and is a joint venture company created by Damen and the Government of Romania, in which Damen is responsible for the operational management of the shipyard.

The shipyard was initially known as the Santierul Naval 2 Mai Mangalia and started building new ships in 1976. In 1997, Daewoo-Mangalia Heavy Industries S.A. took control of the shipyard and shifted its focus to building large container ships, bulk carriers and tankers. At the end of 2017, Damen acquired Daewoo’s shareholders and in the summer of 2018 took over operational control.

CITR has been active on the insolvency and restructuring market in Romania since 2008 and is an Impetum Group company.

AGERPRES