Harland & Wolff, the British shipbuilder best known for building Titanic, announced on Friday that it had appointed administrators. This would result in job losses as the company struggles to raise funding.

The company, who currently employs 66 employees, stated that administrators would have to cut a certain number of positions, but it would retain a "number" of staff for certain required services.

The Belfast-based company, which narrowly avoided closing in 2019, stated that its subsidiaries in Belfast (Scotland) and Appledore (England) were not subjected to insolvency procedures and continued to trade under their directors' control.

The UK government refused the company's request in July for a 200 million pound credit facility ($268,32 million). In the same month, the CEO of the company was placed on leave immediately. The finance chief also resigned in September.

(source: Reuters)