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Harland & Wolff still awaiting decision on £200m bailout
The Guardian
|July 17, 2024
Harland & Wolff, the owner of the Belfast shipyard that built the Titanic, has said it is still awaiting a government decision on a £200m intervention despite signs that the Labour government is due to reject the financial lifeline.
The company is presenting an early test of Labour's industrial policy, with 1,500 workers fearful it is running out of time to secure funding needed to make it ready to build three warships for the Royal Navy.
Harland & Wolff (H&W) was forced to suspend its London-listed shares a fortnight ago, and it has missed two deadlines to file audited accounts, raising questions over its finances and its ability to fulfil a £1.6bn contract to build the three fleet solid support (FSS) ships that would carry supplies such as ammunition and food to the navy's aircraft carriers.
The Conservative government had provisionally agreed a deal to 100% underwrite a £200m loan by a consortium of lenders to H&W to allow it to refinance its debts. The company yesterday said it had reduced its request for the guarantee to 80%, and that it has presented legal opinions showing a guarantee would not violate state aid rules.
This story is from the July 17, 2024 edition of The Guardian.
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