Carillion could enter administration on Monday unless United Kingdom backs rescue

Carillion puts administrators on standby in case rescue talks fail - Sky News

UPDATE 1-British ministers met to discuss fate of Carillion-PM spokesman

The crisis-hit construction firm, one of the largest suppliers of services to the public sector, has called on the government to step in to reduce the financial burden of a string of failed projects around the country.

"We are committed to maintaining a healthy supplier market and work closely with our key suppliers".

Carillion, which was founded in the late 1990s as a spin-off from building giant Tarmac, also operates in Canada, the Middle East and the Caribbean.

A TPR spokesperson declined to confirm or deny it was attending any such meetings, but said: "We have been and remain closely involved in discussions with Carillion and the trustees of the pension schemes as this situation has unfolded".

Carillion, which has had to contend with a slowdown in many of its major markets, has seen its share price plummet from 230p a year ago to less than 15p on Friday.

"We remain supportive of their ongoing discussions with their stakeholders and await future updates on their progress".

In a statement, the company said: "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".

"We will not comment further unless it becomes appropriate to do so".

Concerns over the potential imminent collapse of construction group Carillion has led to crisis talks over its 13 United Kingdom defined benefit (DB) schemes, according to reports.

"Handing Carillion bosses a blank cheque bail-out is completely unacceptable", Ms Azam said, adding that the company had an "abysmal" track record on protecting workers.

Carillion shares have fallen more than 25 percent as the construction and business services company that is one of the British government's biggest contractors struggles under 1.5 billion pounds ($2.1 billion) of debt.

"As Carillion is a major supplier to government, it should come as no surprise that we are carefully monitoring the situation while working to ensure our contingency plans are robust". This should include the possibility of bringing contracts back in-house.

Today, it employs 19,500 people in the United Kingdom alone, and is based in Wolverhampton.

Unite received assurances from Carillion after the company's share price plunge last November and was assured there was nothing to be concerned about.

"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".

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