The government has made contingency plans for the collapse of Carillion, the UKs second largest construction company and a key provider of public services.
The troubled contractor which has 20,000 UK staff and is an important supplier to the government, including a contract for work on the HS2 rail link held crunch talks with its creditors on Wednesday to try to persuade them to back a rescue plan.
The company ran into financial difficulties last year after issuing three profit warnings in five months and writing down more than £1bn from the value of contracts.
It has debts of about £1bn and a £600m pension deficit, but a stock market value of just £100m after its shares collapsed 90%. Last week it emerged Carillion was being inv…
Read the full article at: https://www.theguardian.com/business/2018/jan/10/government-carillion-collapse-contingency-plans