Mangalia Shipyard is moving into bankruptcy proceedings after creditors rejected the company’s proposed reorganization plan.

CITR, acting as judicial administrator for Mangalia Shipyard, said the creditors’ assembly did not approve the plan prepared for the yard. Following that decision, the administrator is required to notify the court, which will decide on the opening of bankruptcy proceedings and the related next steps under the law.

The reorganization plan had been designed to secure a strategic investor that would take over the shipyard’s operations and provide the financial backing needed for a restart. With the plan rejected, the company now shifts into bankruptcy, a process under which current activity will be gradually wound down and liquidation procedures will begin in line with applicable legal provisions.

Paul Dieter Cîrlănaru, CEO of CITR and judicial administrator of Mangalia Shipyard, said the rejection of the reorganization plan means the company will enter bankruptcy and liquidation. He also said salary rights will be respected and paid in accordance with the relevant legal provisions.

CITR said it will continue informing stakeholders about the major stages of the procedure and the timetable for the measures to be implemented. The administrator said the process will be carried out in an orderly and transparent manner, with the rights of creditors and employees respected throughout.