Romania moves to take over bankrupt Mangalia shipyard for defence production The government of Romania has approved an emergency ordinance stipulating that the state can legally take over the functional assets of companies declared by the executive as being of strategic interest, in bankruptcy, and that can produce for the defence industry, paying no more than the price established by their liquidation valuation report, according to Profit.ro . The move is said to target Mangalia shipyard, which the government seeks to involve in a joint venture with Rheinmetall, for SAFE naval orders. At the end of March, the government declared Liberty Galați steel mill, Damen Mangalia shipyard, and Romaero aeronautical operator of strategic interest.
Original (en)
The government of Romania has approved an emergency ordinance stipulating that the state can legally take over the functional assets of companies declared by the executive as being of strategic interest, in bankruptcy, and that can produce for the defence industry, paying no more than the price established by their liquidation valuation report, according to Profit.ro . The move is said to target Mangalia shipyard, which the government seeks to involve in a joint venture with Rheinmetall, for SAFE naval orders. At the end of March, the government declared Liberty Galați steel mill, Damen Mangalia shipyard, and Romaero aeronautical operator of strategic interest. Of the three, Damen Mangalia very recently went bankrupt. The most recent authorised valuation of the yard's assets established a liquidation value of EUR 87 million. The takeover will be made by government decision, previously approved by the security council CSAT, and the purchased assets will be contributed to the share capital of joint-venture companies formed by Romanian state-owned companies in the defence industry with private investors, according to the ordinance. The value at which the state can take over the functional assets is at most that established by the valuation report prepared for the liquidation. The ordinance provides that the proposed purchase may be rejected only if another method of capitalisation of assets in discussion is identified, maintaining the destination and integrity of the functional asset – the buyer having the obligation to maintain the destination and integrity of the functional asset. The draft emergency ordinance was developed at a time when, at the Damen Mangalia shipyard, which had just gone bankrupt, representatives of both the Ministry of Economy and the companies Rheinmettal and Mediterranean Shipping Company (MSC, one of the world's largest naval operators) were expected to come on a working visit, the latter being indicated in the summer as interested in buying t
Published
May 5, 2026, 12:42 PM UTC
8d ago
Significance
Rheinmetall and MSC in talks to jointly take over Romanian shipyard Mangalia German group Rheinmetall and Swiss shipping company MSC have announced their intention to jointly take over the Mangalia shipyard and transform it into a dual-use centre for both military and civilian shipbuilding, according to a press release from the two potential investors. Under bankruptcy, the yard can be taken over by the Romanian state at no more than its liquidation value, set at EUR 87 million, and use it for defence production purposes in a joint venture, according to an emergency ordinance passed recently by the executive. The talks come shortly after Romania proposed to Rheinmetall a contract worth nearly EUR 1 billion for four ships to be built under the military endowment scheme SAFE.
Romania races to secure EUR 1 bln Rheinmetall deal to pull Mangalia shipyard out of bankruptcy Romania is pushing to finalise a near EUR 1 billion contract with German defence group Rheinmetall by May 31, in what officials openly frame as a last-minute opportunity to revive the bankrupt Mangalia shipyard, Ziarul Financiar reported on April 30. Economy minister Ambrozie-Irineu Darău said the probability of the deal collapsing is “only 1%”, underscoring both the urgency and the high stakes surrounding the project. The contract, financed under the EU-backed SAFE defence programme, envisages the construction of four military vessels, with Romanian authorities insisting that production should take place domestically, preferably at the Mangalia facility on the Black Sea.
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