Harland & Wolff Group Holdings PLC (GB:HARL) has released an update.
Harland & Wolff Group Holdings PLC is facing a setback as the UK Government has declined their £200 million Export Development Guarantee application, prompting the company to seek alternative debt facilities with Riverstone Credit Management LLC for immediate working capital needs. Amidst these financial challenges, CEO John Wood takes a leave of absence, with Russell Downs stepping in as the proposed Interim Executive Chairman to guide the company through recapitalization efforts. As the firm works on its long-term financial strategy with Rothschild & Co, shareholders are kept in anticipation of new priorities and the lifting of the share suspension.
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