Business
SNC-Lavalin Faces Squeeze to Speed Asset Sales as Crisis Deepens
- Canadian engineering firm will need to shore up balance sheet
- ‘It’s surprising how everything snowballed,’ analysts says
SNC-Lavalin Group headquarters in Montreal.
Photographer: Christinne Muschi/BloombergThis article is for subscribers only.
If a mine dispute were all that SNC-Lavalin Group Inc. had to worry about, Chief Executive Officer Neil Bruce might be looking forward to next week’s earnings report with some equanimity.
As it stands, the Canadian engineering giant is being rocked by a political controversy that’s embroiled Prime Minister Justin Trudeau and dredged up corruption allegations that date back almost two decades in Libya. The company has also slashed its profit outlook by more than 40 percent, seen its shares plunge by a third and had its credit rating cut to near junk.