London CNN —
Harland & Wolff, the 163-year-old firm that built the Titanic, has declared itself insolvent after failing to secure funding to continue trading.
The loss-making UK shipbuilder said Monday that it would likely begin administration proceedings in the coming days. Administration provides a way for companies in the United Kingdom to restructure when they cannot pay their debts, as opposed to being wound up, or liquidated, immediately.
In a statement, Harland & Wolff said its request for a £200 million ($264 million) “facility” from UK Export Finance, a government department, had been rejected,
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