Titanic builder Harland & Wolff to exit non-core businesses amid debt woes

(Reuters) -Harland & Wolff said on Monday it will either wind down or dispose of its non-core businesses and lay off some employees as the British shipbuilder struggles to stay in business amid a debt crisis.

The company, known for building the Titanic, did not specify the number of jobs it was planning to cut, but said it will reduce headcount in the non-core and certain central support areas.

The firm’s non-care operations include the Marine Services business, the Scilly Ferries business, and the U.S. and Australian units.

The Belfast-based shipyard, which has struggled to keep up with competition and is overdue on its credit line, was rejected a 200 million pound ($263.94 million) credit facility by the UK government in July.

The firm sent its CEO on immediate leave in July. Its finance chief also stepped down last week.

Trading of the company’s shares has been suspended since July, pending finalisation of its 2023 accounts on a going concern basis.

The shipbuilder will keep its core operations running at its four shipyards and retain its interest in the Islandmagee Gas Storage project.

($1 = 0.7577 pounds)