Carillion’s collapse stokes fears of fallout
The heavily indebted British construction group fails to secure a financial rescue from the British government and banks in last-ditch talks
London — British construction group Carillion announced its immediate liquidation on Monday after the heavily indebted company failed to secure a financial rescue from the UK government and banks in last-ditch talks. Carillion, which employs 43,000 staff worldwide including 19,500 in Britain, said that the government would nevertheless provide some funding to allow current state projects to continue, following crunch talks over the weekend. "This is a very sad day for Carillion, for our colleagues, suppliers and customers that we have been proud to serve over many years," company chairman Philip Green said in a statement. "Over recent months huge efforts have been made to restructure Carillion to deliver its sustainable future.… In recent days however we have been unable to secure the funding to support our business plan and it is therefore with the deepest regret that we have arrived at this decision." Carillion is a major UK government contractor involved in a wide range of projec...
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