The company that built the Titanic says it is insolvent
CNN
Harland & Wolff, the 163-year-old firm that built the Titanic, has declared itself insolvent after failing to secure funding to continue trading.
Harland & Wolff, the 163-year-old firm that built the Titanic, has declared itself insolvent after failing to secure funding to continue trading. The loss-making UK shipbuilder said Monday that it would likely begin administration proceedings in the coming days. Administration provides a way for companies in the United Kingdom to restructure when they cannot pay their debts, as opposed to being wound up, or liquidated, immediately. In a statement, Harland & Wolff said its request for a £200 million ($264 million) “facility” from UK Export Finance, a government department, had been rejected, leaving it “in a difficult financial position.” The firm said its staff had already been informed of job cuts in “non-core operations” and in the holding company. The group’s “core operations” — including its Belfast shipyard that built the Titanic and is now helping construct three warships for the UK government — will not be affected by the administration proceedings and will continue to trade as usual, it added. The company said it was exploring the sale of these operations while continuing to seek new financing.
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