Carillion

Old Jan 15th 2018, 6:54 am
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Default Carillion

Hope nobody out here is affected by this.

Wonder if the AF link will help them here?

Mental that it's liquidation not administration. Shows how deep the problems go.
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Old Jan 15th 2018, 7:21 am
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Default Re: Carillion

Scrap all that - just read the BB news !

Last edited by UKCityGent; Jan 15th 2018 at 7:27 am.
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Old Jan 15th 2018, 8:26 am
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Default Re: Carillion

tough reading but good to see the government let it go.

My guess is that it would have been the pensions shortfall that killed it, not the lenders.
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Old Jan 15th 2018, 8:49 am
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Default Re: Carillion

Originally Posted by UKCityGent View Post
Hows the future looking for them ?


It is a case of being bailed out by the UK Government especially since many of their large projects are for them ?


Maybe worth taking a punt - esp if they have a market cap at $61m (if you close the eyes that they have $1.5bn of liabilities!)
Liquidation. Shares suspended.
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Old Jan 15th 2018, 8:53 am
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Default Re: Carillion

Bernard Jenkin, the Conservative chairman of the House of Commons Public Administration Committee, said Carillion's collapse "really shakes public confidence in the ability of the private sector to deliver public services and infrastructure".

He said there needed to be a change of "mindset" at companies that do a lot of work for the taxpayer.

"You've got to treat yourself much more as a branch of the public service, not as a private company just there to enrich the shareholders and the directors," he said.


Rehana Azam, national officer of the GMB union, said: "What's happening with Carillion yet again shows the perils of allowing privatisation to run rampant in our schools, our hospitals and our prisons."

Those two quotes stuck out for me.
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Old Jan 15th 2018, 9:16 am
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Default Re: Carillion

Originally Posted by nonthaburi View Post
Bernard Jenkin, the Conservative chairman of the House of Commons Public Administration Committee, said Carillion's collapse "really shakes public confidence in the ability of the private sector to deliver public services and infrastructure".

He said there needed to be a change of "mindset" at companies that do a lot of work for the taxpayer.

"You've got to treat yourself much more as a branch of the public service, not as a private company just there to enrich the shareholders and the directors," he said.


Rehana Azam, national officer of the GMB union, said: "What's happening with Carillion yet again shows the perils of allowing privatisation to run rampant in our schools, our hospitals and our prisons."

Those two quotes stuck out for me.
Very true, lots of eggs in the Carillion basket now getting smashed. The government is going to guarantee all the public service works currently being done, so schools, hospitals etc. I worked, not for them, but in one of the hospitals that Carillion took contracts with for domestic services and car parking. Domestics were saying that their wages were frozen, and that they were given less time to do the actual jobs, so less people employed, the result was that walls were being cleaned only as high as the people could reach, so over time 'tide' marks appeared where they were unable to clean, this led to wards having to get nurses to properly clean the walls to enable safer places for patients, the powers that be eventually had to tell the company that their work had to improve or be in breach of contract, the situation did improve and walls were cleaned correctly.
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Old Jan 15th 2018, 9:21 am
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Default Re: Carillion

Originally Posted by nonthaburi View Post
[COLOR="Red"]Those two quotes stuck out for me.
Nothing could possibly stop Unions from wading in could it?
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Old Jan 15th 2018, 9:26 am
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Default Re: Carillion

Originally Posted by Scamp View Post
Nothing could possibly stop Unions from wading in could it?
Unions aren't evil by default. I find them beneficial. They just need to be regulated properly and therein lies the problem.
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Old Jan 15th 2018, 9:29 am
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Default Re: Carillion

Major involvement in Expo 20/20 . They've committed to delivering a massive slice.

Good luck with that , interesting situation as I'm led to believe the UK finance initiative was paramount in this.
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Old Jan 15th 2018, 9:34 am
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Default Re: Carillion

Originally Posted by DXBtoDOH View Post
Unions aren't evil by default. I find them beneficial. They just need to be regulated properly and therein lies the problem.
I just find all political point scoring when something like this happens to be a bit tragic.

Originally Posted by co durham boy View Post
Major involvement in Expo 20/20 . They've committed to delivering a massive slice.

Good luck with that , interesting situation as I'm led to believe the UK finance initiative was paramount in this.
Exactly.

Although the export finance credits helped perhaps to secure the work, the UK did a bit of a u-turn from what I understand and not a huge amount of funding came from it in the end. In fact, barely any.

We're working with them out here on a few things.
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Old Jan 15th 2018, 9:40 am
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Default Re: Carillion

This goes back to September but it's reassuring to know provisions were being made to keep money with those that earned it.

Carillion protected bosses’ £4m bonuses before crisis | This is Money

A great day for all those that made an estimated £80m from shorting stock too.
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Old Jan 15th 2018, 9:41 am
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Default Re: Carillion

Originally Posted by Scamp View Post
I just find all political point scoring when something like this happens to be a bit tragic.



Exactly.

Although the export finance credits helped perhaps to secure the work, the UK did a bit of a u-turn from what I understand and not a huge amount of funding came from it in the end. In fact, barely any.

We're working with them out here on a few things.
I'm not sure how their ME business is set up and how it is now with AF but the amount of work they have to deliver up on Expo is massive .

Many contractors walked away from it because of the size/delivery programme and wanted it split up but Carillion took the full package of that contract and committed to delivering.

The cash has got to come from somewhere
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Old Jan 15th 2018, 9:43 am
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Default Re: Carillion

Originally Posted by Scamp View Post
I just find all political point scoring when something like this happens to be a bit tragic.
Indeed, screw accountability. Corbyn, Abbott, Jones we done your boys good, can you hear me Lily Allen, your boys took a hell of a beating.
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Old Jan 15th 2018, 9:51 am
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Default Re: Carillion

Originally Posted by co durham boy View Post
I'm not sure how their ME business is set up and how it is now with AF but the amount of work they have to deliver up on Expo is massive .

Many contractors walked away from it because of the size/delivery programme and wanted it split up but Carillion took the full package of that contract and committed to delivering.

The cash has got to come from somewhere
Massive doesn't cover it even, it's unreal how much they have up there. 24/7 is happening.

4x more than Expo was suggested for the new airport by the UK export finance.

What I heard was they pulled out of the deal in the end because the client here would be disbanded and nobody else wanted to take the terms of the agreement on.



Originally Posted by Arnold S View Post
Indeed, screw accountability. Corbyn, Abbott, Jones we done your boys good, can you hear me Lily Allen, your boys took a hell of a beating.
I suppose you should probably chastise EY as well for not liquidating them for free?
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Old Jan 15th 2018, 10:13 am
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Default Re: Carillion

Originally Posted by Scamp View Post
Massive doesn't cover it even, it's unreal how much they have up there. 24/7 is happening.

4x more than Expo was suggested for the new airport by the UK export finance.

What I heard was they pulled out of the deal in the end because the client here would be disbanded and nobody else wanted to take the terms of the agreement on.





I suppose you should probably chastise EY as well for not liquidating them for free?
I used to work at EY in their liquidations team. They will be loving this and praying it’s a very complicated structure. Liquidator always gets paid first and against their headline rates. No discounts.

Export finance is always tricky, great though it is.
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