British building and services company Carillion is due to hold emergency meetings with its bankers in the coming days as it speeds up its search for a financial rescue plan, Sky News reported on Saturday. Carillion, which is involved in infrastructure projects for the British and other governments including Britain's planned high-speed rail link HS2, has been fighting for its survival after costly contract delays and a downturn in new business.
It is also under investigation by regulators over "the timeliness and content" of statements it made before it issued a profit warning last year. Sky News, quoting unidentified sources, said Carillion's rescue plan would involve handing back loss-making contracts, revising the terms of others and possibly accepting government financial support if it cannot secure private funding.
That could be a loan on commercial terms, a deal to reprice some contracts, or to allow Carillion to hand back loss-making work to the government, Sky News said.
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