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

(Reuters) – Harland & Wolff said on Monday it will either wind up or divest 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 plans to cut, but said it would reduce the number of employees in non-core areas and certain core support areas.

The company’s non-care operations include the Marine Services business, the Scilly Ferries business and the US and Australian units.

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

The firm put its CEO on leave immediately in July. And its finance chief resigned last week.

Trading in the company’s shares has been suspended since July until the completion of its 2023 accounts on a going concern basis.

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

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