The decision marks the shipyard's transition to bankruptcy proceedings, where current operations will be gradually halted and liquidation procedures will be initiated in accordance with applicable legislation.

The reorganisation plan 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 judicial administrator to notify the court, which will decide on opening bankruptcy proceedings and the next steps in the process.

"The rejection of the reorganisation plan means that the company will enter a bankruptcy and liquidation process, but we emphasise that all salary rights will be respected and paid according to current legal provisions," said Paul Dieter Cârlănaru, CEO of CITR and Judicial Administrator of Șantierul Naval din Mangalia.

Throughout the procedure, CITR will continue to inform interested parties about the major stages of the process and the schedule of 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.