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Discussion in 'Off Topic' started by Yazzie, Jan 13, 2018.
Looks like us taxpayers will be bailing out a private company again like we did the banks.
Carillion. They apparently claimed they are in debt due in part to loss making public contracts. If this is so, why take the contracts in the first place! I wonder how many sub contractors are unsecured creditors? The knock on reaction could be horrendous. It has the feeling of taking on far too many contracts with too low a margin threshold! That said, I wonder what the nett worth is compared to the current borrowings?
There is one thing the banks will be able to advise them exactly how to get taxpayers money and also build lots of bonus payments into the deal for themselves!
Carillon is MASSIVE.
A huge company, and a nightmare to deal with...
What's not mentioned is they look after a lot of infrastructure for the MOD too
Better not go bust before they finish the Aberdeen bypass (AWPR) the fekers. We have waited 30yrs for it!
£1.5 billion of debts,
Never mind more work for Daughter 2,
She works for EY, the receivers in waiting.
Pension problem again
With a bit of luck it might stop the stupidity of spending Billions to get to Bimingham 30 mins quicker.
Used to be a good company Tarmac Construction when part of the Tarmac group on a tight reign. Shame the quality of management has not kept pace with the number of take overs.
Vince Cable had a good line, comparing this prospective bail-out to the banks, 'profits privatised, losses nationalised.
Everyone's a capitalist until things go wrong then everyone is suddenly a communist
These are a firm who employ thousands through agency's.the workers don't get paid by the agency's because carrillion don't pay the agency's regularly enough and keep the money in their own accounts.you can imagine how pee'd of everyone gets.i bet the tossers sat the top of the pile are doing very nicely.allways the same with big companies.the little man at the bottom gets fudgeed.i done some work for Balfour Beatty about 16 years ago.think it about 7 months to get paid and that was after writing to the managing director.ony a few hundred quid too.fudge em all
And Lincoln eastern bypass.
Paid a good dividend last year despite debts increasing.
Bigger they are harder they fall
Its around 80 million worth ,and 1.5billion debts with 587 million liabilty to the pension fund
One good thing, if they've got themselves in this state it shows that the government isn't overpaying on these contracts.
On that basis they are insolvent. This situation hasn’t just happened, problems start way back and we have to assume not dealt with sufficiently well. Paying a dividend when things were clearly heading south doesn’t seem a good move