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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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The long-running battle between Damen and the Romanian government over the operations of the Mangalia shipyard on the Black Sea took a new step as a court in Constanta initiated an insolvency procedure. An administrator has been appointed to look for a recovery plan for the shipyard, the Maritime Executive reported. The Netherlands’ Damen took operational control of the shipyard in 2018 with high expectations for the operation which remained 51 percent owned by the government. The yard had been in operation since 1976 known for 20 years as the 2 Mai Mangalia Shipyard.
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The number of insolvent Romanian companies increased by 13.5% year-on-year to 1,120 in the first two months of 2024, the country's trade registry office, ONRC said, SeeNews.com reported. Despite falling by 8.8% on the year to 207 in January-February, the highest number of insolvent companies and legal entities was registered in Bucharest, ONRC said in a data release on Wednesday.
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