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UK's Carillion collapses after rescue talks with banks fail, govt steps in

Some contracts handled by Carillion would go to alternative providers

Reuters  |  London 

Britain's Carillion collapsed on Monday after its banks lost faith in the construction and services company, throwing hundreds of major projects into doubt and forcing the government to step in to guarantee vital public services. Carillion was forced into compulsory liquidation after costly contract delays and a slump in new business left it at the mercy of its lenders and battling a ballooning debt pile. The demise of the 200-year-old business poses a major headache for Theresa May's government which has employed Carillion to work on 450 projects including the building ...

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First Published: Mon, January 15 2018. 16:03 IST