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LONDON: Britains 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 Mays government which has employed Carillion to work on 450 projects including the building and maintenance of hospitals prisons, defense sites and the countrys new superfast rail line.
In recent days we have been unable to secure …
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