Harland & Wolff Group Holdings PLC (GB:HARL) has released an update.
Harland & Wolff Group Holdings PLC is facing financial challenges with the rejection of a £200m UKEF facility and reliance on a $25m loan from Riverstone Credit Partners. The company is in the process of winding down non-core operations, including a ferry service and a marine services business, to focus on core shipyard operations and the Islandmagee Gas Storage project. Despite ongoing discussions for interim funding and strategic options, the company has acknowledged insolvency and is initiating an administration process, which is expected to result in no returns for shareholders and will not affect the core operational companies within the Group.
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