Carillion puts administrators on standby as construction firm fights to survive

Carillion puts administrators on standby as construction firm fights to survive

We urgently need to know just how exposed the Scottish Government and the public purse is if Carillion were to collapse.

A Transport Scotland spokesman said the firm had "no intention" of withdrawing from the Aberdeen city bypass road consortium as the £745million project nears completion.

"It would have major implications for the outsourced government contracts the company holds, as well as the firm's thousands of workers, those in the supply chain and those who rely on Carillion's pension fund".

Carillion now employs around 20,000 workers in the UK.

LONDON, Jan 12 (Reuters) - British infrastructure group Carillion was teetering on the brink on Friday after its creditors failed to agree a rescue deal, while the government held crisis meetings over the fate of the major provider of public services. An insider told Sky News it is aiming for £300m of short-term funding by the end of the month.

A business plan tabled by the group on Wednesday was knocked back because it did not present a solid proposition for restructuring the business, the Press Association reports.

Last month, Carillion said it received all necessary consents to defer the test date for both its financial covenants from December 31 to April 30, 2018, and that it was continuing constructive talks with stakeholders on options for cutting net debt and recapitalizing.

"As part of its engagement with stakeholders, Carillion is in constructive dialogue in relation to additional short term financing while the longer term discussions are continuing". It is too early to predict the outcome of these discussions but Carillion expects that any such agreement is likely to involve the raising of new capital and the conversion of existing financial indebtedness to equity which would result in significant dilution to existing shareholders.

Israeli PM Netanyahu calls on Sushma Swaraj
The two leaders also attended a ceremony to rename Teen Murti Chowk as Teen Murti-Haifa Chowk, after the Israeli city of Haifa. I want to say something else: You give us a lot of strength to continue". "Israel protects lives of so many people.

"Ministers did meet yesterday, there are ongoing meetings", a spokesman for Prime Minister Theresa May said.

The rescue plan shown to lenders on Wednesday includes handing back some loss-making contracts, revising the terms of others and potentially accepting financial support from the Government if it can not secure it from private sector sources.

Its only asset sale since the crisis erupted has been to offload a portfolio of healthcare contracts to rival outsourcer Serco for £50m - against a broader forecast for disposal proceeds of £300m.

One of many private companies to run public services in Britain, Carillion is fighting to survive after costly contract delays and a downturn in new business prompted a string of profit warnings and a first-half loss of more than 1 billion pounds ($1.4 billion).

Since then, the company has cleared out its executive team, including chief executive Richard Howson and finance director Zafar Khan.

Carillion's fight for survival is being led by interim boss and industry veteran Keith Cochrane, a former CEO of engineer Weir Group.

What does under-threat company Carillion do?

The company declined to comment on Saturday, while a Government spokeswoman said "it should come as no surprise that we are carefully monitoring the situation while working to ensure our contingency plans are robust".

Related News:

  • Turkish military shipment to Syrian border continues

    Turkish military shipment to Syrian border continues

    The PKK/PYD is the Syrian offshoot of the PKK, which is listed as a terrorist organization by Turkey, the US and the EU. Ibrahim Kalin, the presidential spokesman, said the US was taking steps to legitimize and solidify the YPG.
    National Football League  playoffs: Vikings vs. Saints

    National Football League playoffs: Vikings vs. Saints

    This game will be the first playoff game for Vikings quarterback Case Keenum , who took over in week two of the regular season. Minnesota revealed their inactives prior to Sunday's postseason matchup and Bradford is not among them.
    Hannity & Gingrich Fire Back at Obama Over His Comments About Fox News

    Hannity & Gingrich Fire Back at Obama Over His Comments About Fox News

    The guest is Barack Obama , and both the interviewer and the interviewee struggle mightily not to mention President Trump. Let's get that out of the way. "I held it together in front of Malia and then we drove away", he revealed.
  • Saudi female football fans crack glass ceiling

    Saudi female football fans crack glass ceiling

    Saudi labor laws now stipulate that women, with a few notable exceptions, should not work in the hours between sunset and sunrise. Hours before the game, Saudi clubs were seen encouraging women to go to the stadiums through tweets on social media.
    Tunisian government plans social reforms after week of unrest

    Tunisian government plans social reforms after week of unrest

    Prime Minister Youssef Chahed on Wednesday accused the opposition of fueling dissent by calling for more protests. Its important tourism sector has not yet recovered following deadly terror attacks in Sousse and Tunis in 2015.
    Matt Patricia likely to become Lions head coach

    Matt Patricia likely to become Lions head coach

    The Patriots have finished in the top 10 in points allowed in all six of Patricia's seasons as defensive coordinator. Patricia has been a member of New England's staff since 2004, starting out as an offensive assistant, oddly enough.
  • Jason Roy's record-breaking knock vs Australia gives England series lead

    Jason Roy's record-breaking knock vs Australia gives England series lead

    The Durham man was wearing an England shirt for the first time in six months and was too hot to handle for the Aussies. As for England , they were an absolute lock to win the Champions Trophy previous year .
    Flash freeze warning issued for Ottawa area

    Flash freeze warning issued for Ottawa area

    Rain will also change over to snow on Friday, although the heaviest precipitation is expected to pass south of our coverage area. The temperature is expected to hold around 13 degrees in Charlottetown before starting its descent Saturday morning.
    Manchester United or City? Alexis Sanchez resolution imminent

    Manchester United or City? Alexis Sanchez resolution imminent

    Wenger insisted Sanchez did not refuse to play in Sunday's 2-1 Premier League defeat at Bournemouth , though the Chile striker did not travel to the south coast.
  • Almost  one thousand families evacuated as Philippine volcano spews ash

    Almost one thousand families evacuated as Philippine volcano spews ash

    It also advised people experiencing ashfall to cover their noses and mouths with a damp, clean cloth or dust mask. Mayon's most destructive eruption was in February 1841, when lava flows buried a town and killed 1,200 people.
    Fortnite Gets a Battle Royale Map Update with New Areas and Tidbits

    Fortnite Gets a Battle Royale Map Update with New Areas and Tidbits

    More news about any other features that may be added to " Fortnite Battle Royale " should be made available in the near future. A new update is coming very soon to " Fortnite Battle Royale ", and this one is focused primarily on improving the game's map.
    Flu in US Now Widespread but Season May Be Peaking: CDC

    Flu in US Now Widespread but Season May Be Peaking: CDC

    More than 25 percent of the US population became ill, and some 675,000 Americans died during the pandemic from 1918 to 1919. This strain can be particularly hard on the very young, people over age 65, or those with existing medical conditions.


Most liked

Tsunami fears after powerful quake hits Peru
Several municipalities were without electricity, and many adobe houses - houses built with earth - had collapsed, she said. Two people were killed when a 7.1-magnitude natural disaster shook Peru on Sunday, according to a regional governor.

Astros Swing Deal With Pirates To Land Gerrit Cole
Cole, the ace of the Pittsburgh staff, went 12-12 for the Pirates in 2017 with a 4.26 ERA, a down year by his standards. He also finished second in the NL in home runs allowed with 33 in 203 innings pitched.

Jeremy Corbyn faces down critics over European Union single market stance
Asked whether the UK's relationship with the United States is the most important, Mr Corbyn told ITV's Peston On Sunday: "No". She told the BBC's Andrew Marr Show today that if public opinion changed, that could force the party to change its stance.

Bills name Brian Daboll offensive coordinator
McDermott was concluding his collegiate playing career at William and Mary when Daboll was a volunteer assistant. He has won five Super Bowl rings with the organization. "I know how much this area means to him".

Du Plessis wary of 'unknown' Centurion surface
But if we play four seamers, he is someone who gets talked about because he has pace and X factor, and he obviously bats as well". Kagiso Rabada: Incredible athlete - I think that's his strongest attribute. "I still believe his best is still to come".

Driver on Drugs Launches Flaming Car Into Second Floor of Building
The fire was quickly extinguished, both victims are out of the vehicle safely with minor injuries. One person self extricated, the other person is still trapped in the vehicle.

General Motors Shows Self-Driving Car With No Steering Wheel Or Pedals
General Motors submitted a federal safety proposal on Thursday to put its first self-driving vehicle on the road by 2019. GM has revealed what its level 4 self-driving vehicles will look like, as you can see from the video below.

'DACA is probably dead,' Trump says amid tenuous immigration talks
Echoing dozens of Democrats, Lewis said he would not vote for any government spending measure until the dreamer issue is settled. Durbin of IL , told reporters Friday that Trump had used the vulgar word "not just once but repeatedly" during the meeting.

Florida leaders applaud Governor Scott's fight to protect Florida's coastline
Obama's 2017-2022 plan would be replaced by the new program when it is finalized. Oceana campaign director Diane Hoskins said in a statement.

Ford launches new Ranger bakkie
The truck is making its first appearance back on U.S. soil since 2011 and one that is well received by a large faithful following. Midsize truck fans: Ford will reveal the all-new 2019 Ford Ranger at the North American International Auto Show in Detroit .

Blockbuster Joshua v Parker bout scheduled for March
He defended the title twice in underwhelming style past year , failing to knock out Romanian Razvan Cojanu and Briton Hughie Fury. Parker's team believe they have goaded Joshua into taking the fight which will see the pair split a purse of about £25million.

Mets sign Adrian Gonzalez
He was traded from Los Angeles to Atlanta as part of a five-player deal in December and released two days later. For his career, Gonzalez has a.288/.359/.488 batting line with 311 home runs and 1,176 RBIs in 1,875 games.

Two children killed in Charlotte's second, third homicide of the year
The incident marks the second and third homicide cases of 2018 in a community that police said is quiet and low-crime. Treadway worked as a Panthers' gameday employee, Panthers spokesman Steven Drummond confirmed.

'Sh*thole' projected onto Trump hotel in Washington
This time around, Trump wasn't in Washington to see the projections in person as he spent the weekend at Mar-a-Lago. Slur used by US President projected onto Trump Hotel in the nation's capital (image has been censored).

NBC Olympics to Deliver 50 Hours of Winter Olympics VR Coverage
The British bobsledder Bruce Tasker will miss the Winter Olympics in Pyeongchang after having a minor stroke on 4 January. No word yet on whether NBC's Olympics coverage in VR will feature VR advertising as well.