Shipbuilder in Belfast

The UK government has rejected a £200 million loan guarantee request from Harland and Wolff, a troubled Belfast shipbuilder, citing substantial risks of taxpayer money loss. Business Secretary Jonathan Reynolds emphasized that government funding would not guarantee success and that the market should address the company's financial challenges. Following this decision, the company's CEO resigned, and Harland and Wolff is now seeking emergency financing from its lender, Riverstone Credit Partners, to avoid bankruptcy. Despite the setback, the shipyard remains involved in a significant contract to build new Royal Navy ships. Union representatives stress the importance of securing a long-term future for the shipyard and its workforce. Concerns linger about the company's viability as it faces operational losses and a suspension of its shares on the London Stock Exchange for failing to file audited accounts.