CITR, the judicial administrator of the Mangalia Shipyard and a leader in Romania’s restructuring and insolvency market, announces that the creditors’ meeting has rejected the proposed reorganization plan for the company. The decision marks the shipyard’s transition into bankruptcy proceedings, a phase in which current operations will be gradually halted and liquidation procedures will be initiated in accordance with applicable law.
The reorganization plan put to a vote aimed to identify a strategic investor to take over the shipyard’s operations and provide the financial resources necessary for its relaunch. The creditors’ rejection of the plan requires the court-appointed…