Carillion in crisis as outsourcing operation crumbles under debt

The construction conglomerate – one of the government’s biggest contractors – is hoping rescue talks taking place this weekend will produce a solution to its cash woes and halt a collapse

The vast Carillion construction and public services group was fighting for survival this weekend as management, the government and lenders to the stricken construction services firm were locked in rescue talks.

The company is bleeding cash from several contracts that have turned sour and it is struggling under the weight of £1.5bn of debt, including a huge £590m pension deficit.

Continue reading…