Harland and Wolff has agreed a new $25m (£19.5m) loan to stave off any fears of a collapse.
Last month, the famed shipbuilder had an application for a £200m government loan guarantee rejected after minsters decided it would be too much of a risk for taxpayers.
Chief executive John Wood had taken a leave of absence following the rejection of the loan and it was announced on Thursday that his employment had been "terminated", with restructuring expert Russell Downs taking over.
Rothschild and Co has been appointed as financial advisors as the company assesses its options.
Malcom Groat, Chairman of Harland and 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 loss-making company also has its shares suspended after failing to file audited accounts on time.
The firm employs around 1,500 people in the UK, with its main site and Belfast and others in England and Scotland.