The company that built the Titanic says it is insolvent | Money [Video]

London (CNN) — Harland & Wolff, the 163-year-old firm that built the Titanic, has declared itself insolvent after failing to secure funding to continue trading.

The loss-making UK shipbuilder said Monday that it would likely begin administration proceedings in the coming days. Administration provides a way for companies in the United Kingdom to restructure when they cannot pay their debts, as opposed to being wound up, or liquidated, immediately.

In a statement, Harland & Wolff said its request for a £200 million ($264 million) “facility” from UK Export Finance, a government department, had been rejected, leaving it “in a difficult financial position.”

The firm said its staff had already been informed of job cuts in “non-core operations” and in the holding company.

The group’s “core operations” — including its Belfast shipyard that built the Titanic and is now helping construct three warshipsfor the UK government — will not be affected by the administration proceedings …