undergroundnewsroom.com
undergroundnewsroom.com April 26, 2018


Ministers hold crisis talks over Carillion

14 January 2018, 12:28 | Gordon Grant

Locator of the AWPR at Milltimber

Locator of the AWPR at Milltimber

They added: "Based on our current trading assumptions (Dec' 18 EBITDA £188m with material downside risk) and our estimates of the mounting debt ( £1.1bn), likely additional supply chain funding/working capital unwind ( £300m) and pension liabilities (£600m), we now see no equity value".

"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.

With administrators now on standby, fears have been raised over the future of major Scottish infrastructure projects involving the construction giant.

The fate of the builder is sensitive for the government because Carillion has contracts with several departments, with projects ranging from hospitals and libraries to roads and the HS2 high-speed rail link. It employs 43,000 people globally.

Ministers are drawing up plans to take over prisons contracts worth £200m from Carillion, .

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.

In addition to its rail operations, Carillion also manages almost 900 schools, provides services to the NHS and works with National Grid.

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.

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The firm is now under investigation by the Financial Conduct Authority over the "timeliness and content of announcements" made between December 2016 and July 2017.

Unions have urged Westminster to step in to protect 19,500 jobs that are now at risk, with Unite insisting "all possible options" must be considered - including bringing contracts in-house.

The reported that David Lidington, who was moved to the Cabinet Office as part of Prime Minister Theresa May's reshuffle this week, convened the meeting with Business Secretary Greg Clark, new Justice Minister Rory Stewart, new Transport Minister Jo Johnson and Liz Truss, Chief Secretary to the Treasury.

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

Carillion a year ago issued three profit warnings in six months, causing its shares to plummet more than 90 percent since July 7.

The government confirmed ministers met yesterday to discuss Carillion's future and were "monitoring the situation closely".

Adding to the pressure on the small cap firm - which issued three profit warnings in less than six months previous year and has seen its market value collapse by 90% - was a recommendation from broker Peel Hunt to sell the stock ahead of forthcoming newsflow.



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