The Famous RMS ‘Titanic’ Shipbuilder Files For Bankruptcy

British shipbuilder Harland & Wolff, famous for constructing the RMS Titanic, has declared bankruptcy as of September 16, 2024.

The company, which also builds Royal Navy warships, failed to secure a £200 million loan, forcing it to begin administration proceedings.

Despite the crisis, Harland & Wolff confirmed that its core operations, including the Belfast shipyard, will continue running.

The Belfast shipyard is constructing three Royal Navy ships, and options are being explored to sell these operations while seeking funding.

Entering administration allows the company to restructure rather than be liquidated immediately. Layoffs have already begun in non-core areas.

The UK government has refused to provide funding, citing concerns over taxpayer risk, but is working to protect jobs and find solutions.

Labour union GMB criticized the government for not doing enough to protect UK shipbuilding and warned against companies cherry-picking the firm's assets.