The shipbuilding group Harland & Wolff, with its four yards, including the largest in Belfast, needs assurance of financial stability from the UK government, says Manufacturing NI.
As the Belfast Telegraph writes, the call follows reports in May that the government is poised to reject a £200 million loan guarantee request to enable the future of the shipyard firm. In addition to Belfast, the group's other facilities, include Arnish and Methil, located in Scotland, and Appledore, England.
Should a rejection occur to remove such a crucial lifeline, the London Stock Exchange-listed company that seeks much-needed funding would face a setback.
Harland & Wolff Group Holdings plc, which employs 1,500 workers across the UK, had been in discussions with ministers for more than a year. These talks took place to facilitate a loan guarantee needed to help lower interest payments on the group’s borrowing.
Under the newly elected Labour government, however, it believes signing off on the deal would be an inappropriate use of public funds, as the Financial Times reported.
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