Britain’s Carillion collapses as banks refuse to lend it any more money


British construction and services company Carillion collapsed on Monday when banks refused to lend it any more money, throwing hundreds of major projects in doubt and bringing down one of the government’s most important suppliers.

Carillion was forced into compulsory liquidation after costly contract delays and a downturn in new business that prompted a string of profit warnings and a first-half loss of more than 1 billion pounds ($1.4 billion).

“In recent days we have been unable to secure the funding to support our business plan and it is therefore with the deepest regret that we have arrived at this decision,” Chairman Philip Green said.

“This is a very sad day for Carillion, for our colleagues, suppliers and customers that we have been proud to serve over many years,” Green said.

Carillion’s creditors include RBS, Santander UK, HSBC and others. It has debt and liabilities of 1.5 billion pounds.

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