The historic shipbuilder Harland & Wolff, famous for launching liners, was in a debt of £160m when the Belfast Harbour-based firm last month went into administration, following recent revelations.
BusinessLive reports that Teneo took charge of the process at the 162 year old holding company, which occurred in September. While the shipyard’s subsidiary companies, including its esteemed Belfast yard and associated two large dry-docks at Queen’s Island, will continue to persist under the director's control, as reported by City AM.
According to a document recently filed with Companies House, it has detailed the circumstances that led to the four shipyards group (on both sides of the Irish Sea) falling into administration. The document also highlighted the extent of its debts to creditors.
At the time of their appointment, according to Teneo, neither the group (with its largest yard in Belfast), nor its lender could provide the long-term funding necessary to cover the company's ongoing expenses.
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