UNITED KINGDOM (CNN) – The 163-year-old company that built the Titanic has gone bankrupt.
UK shipbuilder Harland and Wolff declared itself insolvent after failing to secure funding to continue trading.
On Monday, the firm said it would probably start administration proceedings in the coming days.
Administration is a process for companies that can’t pay their debts to restructure, instead of being liquidated immediately.
Harland and Wolff said it already notified staff of job cuts in non-core operations and in the holding company.
Core operations, including the Belfast shipyard that built the Titanic, will not be affected by administration.
The firm has prepared for bankruptcy before.
In 2019, an administrator was named to restructure the company, but months later a UK energy company agreed to buy it.
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