Lifeline: Belfast shipyard Harland and Wolff has secured almost £20m from lenders
Crisis-hit Harland and Wolff has raised almost £20m from lenders as it battles administration.
The Belfast shipyard that built the Titanic has reached an agreement with its current Wall Street lender Riverstone to extend its credit line, on which it pays 14 per cent interest, from 90 million pounds to 110 million pounds.
One of the conditions is believed to have been the departure of boss John Wood after the government said it would not provide a £200m loan guarantee.
“We are grateful to our creditors for continuing to commit to supporting stabilisation,” said Malcolm Groat, chairman of Harland. However, the ferry service to the Isles of Scilly has been cancelled.
The group employs 1,500 people across Belfast, Devon and Methil and Arnish in Scotland. Matt Roberts, from the GMB union, said: “It can now focus on its core business and what we know GMB members can deliver.”
‘These sites remain crucial for national sovereign capabilities in shipbuilding and renewable energy.’