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Titanic shipbuilder loses its CEO in rescue efforts

The head of Harland & Wolff Group Holdings Plc has resigned from his post as the troubled British shipbuilder seeks emergency financing to avoid falling under insolvency administrators for a second time.

Harland & Wolff, which owns the Belfast shipyard where the Titanic was built, said that chief executive John Wood would take a leave of absence. The company would also be unable to secure an imminent loan guarantee from the British government.

The shipbuilder was forced to stop trading its shares on AIM earlier this month. The previous Conservative government had provisionally agreed to a loan guarantee, but the new Labour government had decided not to implement the agreement “at this time”, the company said.

Harland & Wolff said in the statement that the company had accelerated discussions with Riverstone Credit Management LLC to secure alternative financing and had engaged Rothschild & Co to review strategic options.

The company has appointed Russell Downs, a former partner and restructuring expert at PwC, one of the four major accounting firms, as interim CEO.

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