RE: Harland & Wolff cancels new intake of apprentices at Devon site20 Aug 2024 21:39
I don't think you can hire new staff when you have issues re being a going concern.. legal reasons. Once they announced that accounts will not be completed, that came into play.
The accounts are complete imo , but if they published them, the audit comments would be such that they officially would have to announce going into admin. This way they carve off parts of the business and they hope to raise more funds then officially having a firesale.
However, as any interested parties will be aware, it is a firesale , in all but name.
The 20mm was to avoid immediate admin , complete some contracts and to pay staff to do so. How much of it will be utilised remains to be seen. I strongly suspect Riverstone would not allow 10mill to be used as a bond to secure Fipass ( or whatever amt the Falklands govt wanted as security)
There has obviously been no meeting with C.Palmer, otherwise it would be in the media , Mr P would ensure that.
Amongst other vextations, I think the govt have behaved in a despicable manner, less of the conversations ongoing & it's sensitive commercially for over a year has definitely made the situation far worse.
The decision could have been made far faster.
Undoubtedly the Scilly Isles debacle was the final nail in the coffin that sealed our fate.
The b/s about the market deciding doesn't wash with me. Without doubt a lot of the debt can be attributed to the 1000 staff onsite to facilitate the FSS contract. Without it , we may still be a going concern. Imo.
I have zero expectations right now.
Nothing would suprise me , even JW teaming up with Flack to buy parts of Harl.
Don't think he could take sufficient to avail of tax benefits , that would have to be a complete sale.
Just my ramblings as we await our fate.
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