CITR, the judicial administrator of the Mangalia Shipyard, informs that the creditors' assembly rejected the reorganization plan proposed for the company. The decision marks the shipyard's transition to the bankruptcy stage, during which current operations will be gradually ceased and liquidation procedures will be initiated, in accordance with applicable legislation.
The reorganization plan submitted for a vote aimed to identify a strategic investor to take over the shipyard's operations and secure the necessary financial resources for its relaunch. The creditors' rejection of the plan obliges the judicial administrator to notify the court, which will then decide on the opening of bankruptcy proceedings and the subsequent steps in their execution.
„The rejection of the reorganization plan means that the company will enter bankruptcy and liquidation proceedings, but we emphasize that all salary rights will be respected and paid in accordance with current legal provisions,” declares Paul-Dieter Cîrlănaru, CEO of CITR and judicial administrator of the Mangalia Shipyard.
Throughout the procedure, CITR will continue to inform stakeholders about the major steps of the process and the timeline of the measures to be implemented. The goal is for the procedure to unfold in an orderly and transparent manner, respecting the rights of all creditors and employees.