Harland & Wolff CFO Raman resigns
By Michele Maatouk
Date: Wednesday 11 Sep 2024
(Sharecast News) - Beleaguered shipbuilder Harland & Wolff said on Wednesday that its chief financial officer, Arun Raman, has resigned with immediate effect.
In July, the company announced that John Wood was taking "a leave of absence" from his role as chief executive after the government declined to provide a £200m loan guarantee to the business.
Trading in shares of Harland & Wolff has been suspended since the start of July after the shipbuilder failed to publish independently-audited accounts on time.
Last month, it said it had agreed a new $25m loan with its existing lenders, Riverstone.
It said at the time: "The company remains reliant on the support of its existing lenders, Riverstone, who continue to support the group through the provision of short-term liquidity and under its existing structure of guarantees, share pledges and secured debentures.
"As previously announced, the company has appointed Rothschild & Co as its financial adviser to assess strategic options for the Group and assist the Board in deciding a route forward that will maximise value for stakeholders and seek to preserve the company's core operations at its delivery centres in Belfast, Appledore, Methil and Arnish.
"This process is underway and being undertaken in conjunction with the ongoing review of the company's business priorities."
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