A €920 million program to rebuild Romania’s navy sits frozen at a silent, bankrupt Black Sea shipyard where roughly 1,000 workers have been let go, and the country’s own economy minister says a Dutch creditor, not the Romanian state, now controls what happens next, days before a second auction Wednesday.
Economy Minister Irineu Darău said legal control over the bankrupt Damen Shipyards Mangalia rests with court administrator CITR and Dutch group Damen, which holds roughly 97 percent of the insolvency claims. Damen ran the yard for years and pulled out in 2024. German defense giant Rheinmetall, which won the €920 million contract to build four vessels in Romania under the...
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