A former chief executive of Harland & Wolff has left the company.
It had been announced that John Wood was taking a leave of absence following the failure to secure a government loan guarantee.
However, Mr Wood is now no longer a member of the board, it was confirmed today.
The company also announced a new $25m (£19m) loan with existing creditors, which takes its overall debt to $140m (£109m).
It has also “ceased operations” on Scilly Ferries to focus on “core business functions”.
The famous shipbuilder has been facing financial uncertainty in recent weeks, after it failed to secure a £200m loan guarantee from the Government.
Business Secretary Jonathan Reynolds said that after reviewing the loan application, the government believed there was “a very substantial risk that taxpayer money would be lost.”
Harland & Wolff is part of a consortium with a £1.6bn contract to build new ships for the Royal Navy.
The firm, whose UK shipyards include the famous east Belfast location, has employed the financial services company Rothschild & Co to “assess strategic options for the Group.”
After announcing Mr Wood’s departure, it was confirmed Russell Downs and Alan Fort are due to become board members.
Malcolm Groat, chairman of Harland & Wolff, said: “We are grateful to our lenders in continuing their funding commitment to support Harland & Wolff Group’s ongoing stabilisation and long-term strategy objectives.
“We also look forward to working with the very experienced team from Rothschild & Co to help us achieve that objective.
“The Board look forward to Russell Downs and Alan Fort joining us once their appointment formalities are completed and, in the meantime, I wish to place our thanks to John for his invaluable contribution to the company’s business and wish him the very best in his future endeavours.”
The company has also closed its Scilly Ferries service between Penzance and St Mary’s on the Isles of Scilly, which are located off the coast of Cornwall.
Harland & Wolff said the planned service was “overly ambitious given the current circumstances.”
They said that everyone with reservations for the Atlantic Wolff fast ferry will be directly contacted, and that all impacted staff “have been advised.”
The vessell itself is to be returned to its Dutch manufacturer Damen.
Speaking about the decision to terminate Scilly Ferries, Mr Downs, the interim executive chair, said: ““We understand that this will be difficult news for those affected immediately and for the community it was intended to support.
“It is important to note that this is an isolated and unique situation within the group which continues to deliver its business as usual, serving its ship repair fabrication and ship building customers.”
Mr Groat said: “It is regrettable that we have taken the tough decision to terminate the fast ferry, but we need to focus our energies and resources in continuing to grow the core business across our four delivery centres.
“This decision aligns with and brings us back to our fundamental five markets and six services strategy.
“Our ferry service team will be working closely with passengers and other counterparties to ensure a smooth transition out of this business.”