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The Government is under pressure to sign off on a £200m bailout for Titanic builder Harland & Wolff.
The 162-year-old shipyard operator is in crisis talks with ministers to approve a bailout.
Its shares were suspended from London’s Aim market last week after it failed to publish its annual results on time.
Bailout request: Titanic builder Harland & Wolff is in crisis talks with ministers to approve its rescue deal
The Belfast-based group, famous for building the Titanic more than a century ago, is in talks with auditors over how to account for revenue from some “multi-year and complex” contracts.
The businessmen have requested a £200m loan guarantee to keep the business afloat and are trying to borrow money from a consortium of UK banks, but they need the Government to act as a guarantor willing to repay the lenders if the loans fail.
The saga raises questions about industrial policy and the ambitions of the Labour Party.
Other crises include Tata Steel’s plans to cut 2,800 jobs, Royal Mail’s move into foreign hands and Dyson’s consultancy on 1,000 job cuts.
Harland and Wolff was acquired by Infrastrata in 2019. Losses hit £70m in 2022, according to its latest accounts.
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