Historic Case The shipyard that built the Titanic is on the verge of bankruptcy

A 158-year-old British shipyard is about to
bankruptcy. The company located in Northern Ireland
He built the Titanic in the 20th century and, faced with competition from other European and Asian companies, today he has to restructure the company with the help of a government-mandated auditor.

It's the Harland and Wolff company that, according to CNN, has its headquarters in Belfast and reaches 35,000 people. There are currently 123 full-time workers who have not built a ship since 2003.

"Since then, Harland and Wolff have focused on renewable energies and the manufacture of wind turbines and wind turbines.
shipyard during the last week and they promised to continue to fight to maintain it, "says the article published today in the US media.

Morning,
representatives of the company and the union will meet in court for the eventual closure of the shipyard. The workers are asking, by court order, that the business does not stop.

The shipyard recently competed for a contract to build two frigates for the British Navy. He had asked for a bridge loan of £ 600,000 (about $ 730,000) to avoid bankruptcy while waiting to win this contract. The loan was not granted, the bankruptcy procedure was his only option.

The administrator appointed by the government must decide whether or not the company can continue to operate. According to CNN, Harland and Wolff have ceded market to Asian competitors who manufacture cheaper cargo ships, but also to their European counterparts who dominate the production of luxury cruises.

The history of the construction of the Titanic

Harland and Wolff started building the
Titanic and two other ships "brothers", the Olympic and the Britannic, for the company White Star Lines in 1909. At that time, the ship that immortalized
James Cameron in cinema, it was the largest in the world.

The shipyard completed the Titanic three years later. In the early hours of April 15, 1912, he swept the North Atlantic after hitting an iceberg at 11:40 last night. 2224 people were on board and 1517 died.

100 years later
flow, a study published by the Institute of British Physics revealed that a fault in the manufacture of the liner was largely responsible for the tragedy. The rivets of the helmet were not all identical, they did not have the same composition and, moreover, they were not all placed in the same way.

Despite everything, the company continued to succeed after the Titanic disaster and the sinking of the Britannic during the First World War. Its first ups and downs began when transatlantic flights became popular, replacing boat trips.

In 1975, Harland and Wolff were nationalized. In 1989, Fred Olsen Energy, a Norwegian offshore drilling company, bought the company. The same company, now known as Dolphin Drilling, is the one that declared bankruptcy earlier this year and put it on sale on the shipyard, according to CNN. The deadline to find a buyer has expired this afternoon.