Romania's Ministry of Economy is in advanced negotiations with an investor interested in taking over the Mangalia Shipyard in order to maintain economic activity and pay employees' salaries, minister Bogdan Ivan announced in the Senate, according to Ziarul Financiar.

Mangalia Shipyard is under insolvency after Damen group, with a 49% stake (the majority stake of 51% is owned by the state) and the management of the company decided to pull out – firstly giving up the management and later initiating the insolvency procedure from its position as a creditor.

"At the moment, we are in advanced negotiations with a potential investor who would rent the assets and the workforce. This is the goal we have, and we are looking for solutions, including with the judicial administrator, because he is the one who is currently managing the company," the minister declared.

The new investor will eventually replace Damen as a shareholder and will also negotiate the takeover of the company including its debts to the Dutch group, minister Ivan said.

iulian@romania-insider.com

(Photo source: Inquam Photos/Daniel Stoenciu)