Carillion Puts Administrators On Standby Should Talks Fail
Carillion Puts Administrators On Standby Should Talks Fail
UPDATE 1-British ministers met to discuss fate of Carillion-PM spokesman
14 January, 2018, 00:28
Carillion, which is struggling under £900 million of debt and a £590 million pension deficit, denied the business plan had been rejected by stakeholders, but added that a restructuring could result in a debt for equity swap.
On Friday, Carillion said it was in talks about short-term financing.
"The thousands of workers with Carillion and those in the supply chain servicing its contracts across the public sector will be desperately anxious about the future and they too need to be reassured by the Scottish Government as a matter of urgency".
Rebecca Long-Bailey, shadow business minister, called on the government to take contracts back into public control. It employs 43,000 people globally.
But since then its share price has plummeted and it is now valued at about £61m.
With administrators now on standby, fears have been raised over the future of major Scottish infrastructure projects involving the construction giant.
On Friday, reports that creditors had rejected a potential rescue plan sent Carillion's shares down by more than 28%.
So Carillion will either have to restructure its debts within days with its now impatient banks or file for administration and hope that EY can find a solution which is quick, clever and doesn't cost jobs.
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.
A spokesperson for the Pensions Regulator said the organisation remained "closely involved" in discussions with Carillion and the trustees of its pension schemes.
A government spokeswoman said it has been monitoring the situation to ensure its "contingency plans are robust".
Carillion is a key supplier to the Government and has contracts in the rail industry, education and NHS.
Bosses at Carillion have appealed for a state-backed rescue, telling ministers that its survival rests on a bail-out of the firm's most troubled contracts.
A Transport Scotland spokesman insisted Carillion had "no intention of withdrawing" from the Aberdeen bypass project and that "they too remain committed to completing it in accordance with the contract".
The general secretary of the RMT rail union, Mick Cash, said Carillion's workers "should have protection and guarantees from the government, including an assurance that operations will be directly transferred over to Network Rail" if it goes bust.
The PPF, which would take on responsibility for paying pensions to thousands of current and former Carillion workers if it collapses, said: "The PPF is aware of the discussions between the company, Government and banks and, along with the Trustees and the Pensions Regulator, will act as it always does to protect the interests of Carillon scheme members and levy payers".
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