Harland & Wolff, a British shipbuilder, announced on Monday that it would not be able finalise the accounts for 2023 as a going concern and had suspended its work to finish its unpublished accounting. It is now looking at options to remain afloat.

The shares of the company, which was responsible for building the Titanic over a century before, were suspended in July on London's Alternative Investment Market, (AIM), after the firm failed to submit its audited financial statements.

In July, the firm that had survived a closure in 2019 sent its CEO to immediate leave and appointed restructuring expert Russell Down to be interim executive chairman. Russell Down will oversee "a recapitalisation to give the company enduring financial footing."

The Belfast shipyard is struggling to compete with the competition. It has been working with its financial advisor Rothschild & Co to find ways to maintain core operations in its delivery centers at Belfast, Appledore and Methil.

The company stated that it is still reliant upon its existing lender Riverstone who, at the beginning of August, increased their facility by $25 millions to provide short-term liquidity.

The board said that it does not think it is possible to finalise the 2023 accounts as a going concern, because its resources are focused on Rothschild’s process.

Harland & Wolff has confirmed that the current suspension of shares will continue and it is working with interested parties in order to find the best solutions for preserving the company. (Reporting by DhanushVignesh Babu and Chandini Monnappa in Bengaluru; Editing by Varun H K)

(source: Reuters)