The head of Harland & Wolff Group Holdings Plc has left his job as the troubled UK shipbuilder hunts for emergency funding to avoid falling into administration for a second time.
Harland & Wolff, which owns the Belfast shipyard that built the Titanic, said that Chief Executive Officer John Wood would be taking a leave of absence, adding that it will not secure an imminent loan guarantee from the UK government.
The shipbuilder was forced to suspend its shares from trading on AIM earlier this month. The previous Conservative government had provisionally agreed a loan guarantee, but the new Labour administration has decided not to proceed with the agreement “at this time,” the company said.
Harland & Wolff said in the statement that it had expedited discussions with Riverstone Credit Management LLC to secure alternative financing, and has engaged Rothschild & Co to look at strategic options.
It is appointing Russell Downs, a former partner and restructuring expert at big four accountancy firm PwC, as interim executive chairman.