Administrators appointed to Harland & Wolff Group Holdings Plc.
Titanic shipbuilder Harland & Wolff has confirmed that shareholders will be completely wiped out following the appointment of administrators.
The Belfast-based company stated that a strategic review conducted by financial advisory firm Rothschild “will not result in any returns to shareholders.”
It was revealed earlier this month that the holding company was facing administration after executives acknowledged that the troubled group is insolvent.
This situation has jeopardised up to 1,000 jobs across its four yards, which continue to operate as usual.
In a recent update, the company reported having 66 staff members at its holding company and has appointed Gavin Park and Matt Cowlishaw of Teneo Financial Advisory as joint administrators.
The company added, “The administrators will unfortunately need to reduce the headcount upon appointment.
“A number of employees will be retained to provide essential services to the operational companies under a transitional services agreement with the administrators.”
