Insolvency proceedings are underway in Romania involving one of Europe’s largest shipbuilding facilities.
A tribunal in Constanta has given an early August deadline for claims to be submitted against Damen Mangalia, a shipyard that was formerly run by Daewoo Shipbuilding & Marine Engineering (DSME).
Dutch shipbuilder Damen filed a bankruptcy request against the joint venture last month over a long-running battle it has had with the government.
The yard which boasts three drydocks can trace its origins back to 1976. In 1997, DSME took it over for a period of 20 years at which point Damen came in.
Last year, Damen said it was exiting the project, citing a failure on the Romanian government’s behalf to stick to joint venture agreements. Local media in Romania suggest Damen is also seeking a sizeable compensation package in its legal battle with Bucharest.
Although the company is backing out of the Mangalia shipyard, the decision does not affect the Damen Galaţi Shipyard in which Damen is the majority shareholder.
