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Carillion Makes Last Ditch Bid for U.K. Bailout, Mail Reports

  • Struggling construction firm needs 300 million pounds: report
  • Ministers keeping ‘close eye’ on company: Tory chairman
Bloomberg business news

Labour Party Says Carillion Impact `Running Out of Control'

Carillion Plc is holding talks with the U.K. government Sunday to ask for the 300 million pounds ($412 million) it needs by the end of the month to stay afloat, the Mail on Sunday reported, without saying where it got the information.

The troubled construction company already receives more than 1 billion pounds of taxpayers’ money a year, the Mail said. It had long-term debt topping 900 million pounds as of June 2017, and a pension deficit of 587 million pounds. Three public-private partnership contracts are at the root of its problems, according to a separate report by the Sunday Telegraph. A spokeswoman for Carillion declined to comment.