Scottish government 'monitoring' Carillion

Syndicate Post image

Syndicate Post image

"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".

She called for an urgent task force, including employers and trade unions, to be set up to rescue Carillion's outsourcing contract and evaluate how the collapse of the company could impact on infrastructure projects, the public sector and the wider economy.

The Wolverhampton-based company is the UK's second largest in the construction sector and employs 43,000 people globally.

In its first statement since the meeting Carillion said: "Further to this presentation, Carillion continues to engage in constructive discussions with a range of financial and other stakeholders regarding options to reduce debt and strengthen the group's balance sheet".

Carillion share price
Carillion warning spurs pensions crisis talks

Their attitude is said to have prompted senior figures close to Carillion to discuss the possibility of emergency financial support from the Government.

It comes as Government officials and regulators hold crisis talks on Friday aimed at safeguarding the interests of more than 28,000 pension scheme members who could face cuts to retirement payments if Carillion does not survive.

On Friday, Carillion said it remained in constructive dialogue about short-term financing. Carillion is not expected to send a company representative.

The talks took place 24 hours after a meeting of ministers from across a multitude of Whitehall departments to discuss contingency plans for its collapse. Its market value of 64 million pounds compares with debt and liabilities of 1.5 billion pounds, according to analysts.

Arizona GOP Rep. Martha McSally announces Senate bid
McSally's campaign announcement includes her promise to save the close air support aircraft, the A-10. Flake is retiring at the end of this year and was constantly at odds with the president.

"Without that commitment of support from the government, administration is all but inevitable", the source said.

Reports that the company's proposed plan to turn around its fortunes has been rejected outright by stakeholders, which include three leading banks - Barclays, HSBC and Santander UK, have been played down.

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.

Such a plan would leave its pension scheme, or the Pension Protection Fund, as a big shareholder.

KL Rahul, Ajinkya Rahane should play second Test, says Kiran More
Following that, the series moves to Johannesburg , a pitch very similar to that of Centurion , for the final Test. We certainly don't go on opinions that are created outside, talk of the town and all those sort of things...

The company has been pushed to the brink by cost overruns that forced it into a string of profit warnings past year and left it on course to breach the terms of its bank loans.

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?

Donald Trump and his position on climate change
Why would people from Norway immigrate to the United States? "So we can conceivably go back in", he said. The slip of the tongue came as he hosted Norwegian Prime Minister Erna Solberg at the White House.

Laith Khalaf, a senior analyst at Hargreaves Lansdown, said it was likely the Scottish and UK Governments had been working on contingency plans since financial difficulties at Carillion first became clear a year ago.

Recommended News

  • Jo Konta 'disagrees' with Margaret Court but will not boycott Arena

    Jo Konta 'disagrees' with Margaret Court but will not boycott Arena

    It's unfortunate that this whole thing has even occurred, because it does overshadow why her name is on the court. He said Tennis Australia - a tenant at the venue - would take the lead of the government on the issue.
    Scientists Caught Distant Supermassive Black Hole Burping

    Scientists Caught Distant Supermassive Black Hole Burping

    The team used observations from NASA's Hubble Space Telescope, the Chandra X-ray Observatory, as well as the W.M. As it turns out, supermassive black holes aren't always thorough when gobbling up star systems and solar debris.

    Rescuers Seek Survivors after California Mudslides Kill 17

    Finally, many Montecito residents ignored the initial warnings . "(But) no storm brings down everything that is susceptible. Hundreds of searchers are still hunting for survivors of the flash flooding and mudslides near Santa Barbara , California .
  • Netflix, Inc. (NASDAQ:NFLX) Insider Sells $563933.37 in Stock

    The stock has "Neutral" rating by Citigroup on Friday, April 1. (NASDAQ: NFLX ) on Tuesday, January 2 to "Outperform" rating. The rating was maintained by UBS on Tuesday, October 17 with "Buy". (NYSE:PBF) on Wednesday, December 20 with "Hold" rating.
    PSG's Neymar is the Galactico 'most craved' by Real Madrid

    PSG's Neymar is the Galactico 'most craved' by Real Madrid

    They were once a part of the world's deadliest attacking trio, along with Luis Suarez. PSG are back in action against Claudio Ranieri's Nantes in Ligue 1 on Sunday .

    Flores committed to Espanyol

    Former Ireland manager Mick McCarthy is the favourite to take over as the next boss should O'Neill depart for Stoke. It's the facts that matter and nothing else.
  • The European Parliament will cut Nigel Farage's salary by half

    The European Parliament will cut Nigel Farage's salary by half

    European Union auditors said they did not believe that Mr Adams was working on issues related to Mr Farage's work as an MEP. Full-time MEP assistants are not allowed to do any paid work for any national political party.
    Boat carrying schoolchildren capsizes off Dahanu in Maharashtra

    Boat carrying schoolchildren capsizes off Dahanu in Maharashtra

    Also, the rescue team other department officers have quickly reached the incident spot said Superintendent of Police. The children, from KL Ponda High School in Dahanu , were on a picnic, media reported.
    How lawmakers in immigration meeting responded to Trump's comments

    How lawmakers in immigration meeting responded to Trump's comments

    The exam came after a new best-selling book portrayed the 71-year-old President Trump as unfocused and childlike. Trump denies using the term. "It's pretty clear it was a racist comment regarding people of color", she said.
  • Chidambaram, Karti residences raided by ED, CBI

    Chidambaram, Karti residences raided by ED, CBI

    Last year, in May, a case under the Prevention of Money Laundering Act was registered against Karti and others by the ED. Officials are looking into how telecom firm Aircel was sold to a Malaysian communication giant Maxis.
    Aung San Suu Kyi hails military probe into Rohingya mass grave

    Aung San Suu Kyi hails military probe into Rohingya mass grave

    It labeled the 400 dead as "extreme terrorists" who died during military "clearance operations". Myanmar's Ministry of Information has blamed Rohingya militants for the violence in Rakhine.

    British Land Company PLC (BLND) to Issue Dividend of GBX 7.52

    Stockholders of record on Thursday, January 4th will be paid a dividend of GBX 7.52 ($0.10) per share on Friday, February 9th. The firm manages mutual funds, hedge funds, client focused portfolios, and multi-manager products for its clients.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.