The shipyard owner of Belfast’s Harland and Wolff Group has denied that the UK government has refused to give the group a £200m loan guarantee which is seen as crucial to the yard’s future.

As The Times newspaper reported on Wednesday, the Treasury is set to block the £200m guarantee of the London-listed Harland & Wolf Group Holdings.

In addition to the 162 year old Belfast shipyard, the group has a further three sites across the UK, Arnish and Methil in Scotland and Appledore in England.

But the Queen’s Island in Belfast-based shipyard said negotiations which began in December last year with the government are continuing.

Harland & Wolff described the report as "misleading and inaccurate".

The Chief Executive, John Wood said "We were disappointed to read this article and the reaction it has caused,"

"Our application has not been rejected and continues to be a work in progress. I expect to be providing a fuller update on our refinancing plans in the next few weeks."

More on the shipyard story, BBC News reports.