BELFAST, July 19 (Reuters) - The head of Belfast-based

shipbuilder Harland & Wolff stepped aside on Friday as the firm

said it was in urgent talks with its main lender to meet

near-term financing needs while strategic options for its future

are explored.

The shipyard, which built the Titanic over a century ago, is

struggling with a high debt load and its shares were suspended

on London's Alternative Investment Market (AIM) earlier this

month after it failed to submit audited accounts.

Chief Executive John Wood is to take a leave of absence from

his role with immediate effect and restructuring expert Russell

Down has been appointed interim executive chairman to oversee "a

recapitalisation intended to give the company sustainable

financial footing," the firm said in a statement.

Britain's Department for Business and Trade has rejected a

request for a 200 million pound ($258 million) Export

Development Guarantee application, it said.

As a result, the company has "expedited discussions" with

its main lender Riverstone Credit Management LLC "to secure

alternative new debt facilities to support the near-term working

capital needs of the business."

The alternative financing arrangements are expected to close

within the next few days, it said.

The firm added, however, that it is also in active dialogue

with key stakeholders, including the British government, around

existing and future contracts and "the long-term capitalization

plan for the business". Last year the firm secured a 1.6 billion

pound contract to build support ships for the Royal Navy.

It said it is has engaged financial advisor Rothschild & Co

to assess strategic long-term options for the Group.

The firm has struggled for years in the face of intense

competition from shipbuilders in Asia and elsewhere. It employs

over 1,500 people at heavy engineering facilities in Belfast,

two Scottish-based yards and the Islandmagee gas storage project

in Northern Ireland.

The shipyard was saved from closure in 2019 when it was

bought out of administration for 6 million pounds by energy

infrastructure firm InfraStrata.

($1 = 0.7741 pounds)

(Writing by Conor Humphries; Additional reporting by Amanda

Ferguson; Editing by Susan Fenton)