Lifeline: Belfast shipyard Harland and Wolff has secured nearly £20m from lenders
Crisis-hit Harland and Wolff has secured nearly £20million from lenders as it fights off administration.
The Belfast shipyard, which built the Titanic, has reached a deal with its existing Wall Street lender Riverstone to expand its credit facility, on which it pays 14 per cent interest, from £90million to £110million.
It is thought a condition was the exit of boss John Wood after the Government said it would not provide a £200million loan guarantee.
‘We are grateful to our lenders in continuing their commitment to support stabilisation,’ said Malcolm Groat, Harland chairman. However, its Scilly Isle ferry service is being axed.
The group has 1,500 workers a in Belfast, Devon, and Methil and Arnish in Scotland. Matt Roberts, at the GMB union, said: ‘Now it can focus on its core business and what we know GMB members can deliver.
‘The sites remain crucial to domestic sovereign capabilities in shipbuilding and renewables.’