The group has also announced that its chief executive will take a leave of absence.
Harland & Wolff said last week that it was continuing to work with the UK Government regarding its £200m Export Development Guarantee (EDG) application.
However, the Department for Business and Trade has now notified the company that the UK Government will not be proceeding with the EDG facility at this time.
As a result, the group has expedited discussions with Riverstone Credit Management to secure alternative new debt facilities to support the near-term working capital needs of the business following its recent significant revenue growth.
It said these alternative financing arrangements were expected to close within the next few days.
Harland & Wolff added that it remains in active dialogue with key stakeholders, including the UK Government, on existing and future contracts and the long-term capitalisation plan for the business. As part of this longer-term planning, the company has engaged Rothschild & Co to assess strategic options for the group.
Harland & Wolff has also announced that John Wood will be taking a leave of absence from his role as chief executive with immediate effect.
Russell Downs is proposed to join the board as interim executive chairman. Downs is an experienced finance professional after a 30-year career in a traditional Big Four accountancy practice helping businesses and stakeholders across a wide spectrum of industries.
Alan Fort is also set to join the board as a non-executive director.
Russell Downs said: "I am very pleased to take on this role after a challenging period for the group as it transitions from one leadership team to another and deals with the increasing speculation over its future.
"The great weight of responsibility for all stakeholders involved in the business to secure a long-term future is crystal clear to me and I am enormously honoured to be given the responsibility to find a solution.
"I will be working tirelessly in consultation with employees, management, customers, suppliers, unions, government agencies and other stakeholder groups in the coming weeks."
Earlier this month, Harland & Wolff Group (H&W) temporarily suspended trading in its shares as the business was not able to publish its audited financial statements and annual report on or before 1 July 2024.
H&W, which owns the shipyard where the Titanic was built, said it has been in extensive discussions with its auditors to agree on the method of accounting for revenues throughout the duration of a build programme.
H&W's four yards are now fully operational, and more than 1,500 manufacturing-related jobs are said to have been created. Revenue projections of £200m for FY24 continue to be expected to be achieved.
