Harland & Wolff, a Belfast-based shipbuilder, announced on Friday that it had been in urgent discussions with its principal lender to address its near-term funding needs as well as explore strategic options for the future.

The shipyard that built the Titanic more than a century ago is struggling under a heavy debt load. Its shares were suspended earlier this month on London's Alternative Investment Market, AIM, after it failed submit audited financial statements.

The firm announced that the Chief Executive John Wood will take an immediate leave of absence. Restructuring expert Russell Down was appointed interim executive chair to oversee "a capitalisation meant to give the company a sustainable financial basis."

The Department for Business and Trade in Britain has denied a request for an Export Development Guarantee of 200 million pounds ($258 millions).

The company "expedited" discussions with its principal lender Riverstone Credit Management LLC to "secure alternative new debt facilities in order to support the near term working capital needs of business."

It said that the alternative financing arrangements should be completed within a few days.

The firm also added that it was in an active dialogue with other key stakeholders including the British Government, about existing and future contract and "the long term capitalization plan for business". The firm won a contract worth 1.6 billion pounds to build support vessels for the Royal Navy last year.

The Group said that it has hired financial advisor Rothschild & Co. to evaluate strategic options over the long term.

It has been a long struggle for the firm to compete with shipbuilders from Asia and other parts of the world. Over 1,500 employees are employed at the heavy engineering facilities located in Belfast, two Scottish yards, and Islandmagee Gas Storage Project in Northern Ireland.

InfraStrata, a company that provides energy infrastructure, has bought the shipyard out of administration in 2019 for 6 million pounds.