asterisk2a + carillion   30

Interserve: UK outsourcing giant loses rescue vote - BBC News
Outsourcing giant Interserve has failed to persuade shareholders to approve a rescue plan for the company.

Interserve is expected to go into administration later today, although its contracts are likely to continue as normal and no job cuts are expected.
Carillion  Interserve  Austerity  UK  Privatisation  outsourcing  Council  NHS  G4s  Prison 
10 days ago by asterisk2a
Interserve lenders line up EY as administrator if shareholder talks fail | Business | The Guardian
Lenders to the outsourcing firm Interserve have lined up EY to manage its administration if they cannot reach agreement with shareholders on the terms of a financial restructuring plan.

The emergence of EY as a potential administrator came as the largest shareholder in the company submitted new proposals, including a £75m rights issue, as a counter-offer to the solution put forward by lenders, which it called “an obscenity”.
Interserve  Carillion  Privatisation  UK  Austerity  Council  NHS  Conservative  Tories 
29 days ago by asterisk2a
Troubled government contractor Interserve agrees rescue deal | Business | The Guardian
Company, which has 45,000 employees in UK, hopes to avoid Carillion-style collapse
Shares in Interserve closed down 1.8% at just under 13p. The company was worth as much as £1bn in 2014, but is now worth a little over £20m.
outsourcing  Carillion  Interserve  bailout  Austerity  UK  Council  Privatisation  NHS 
6 weeks ago by asterisk2a
Interserve: Major government contractor 'seeks second rescue deal' - BBC News
One of the UK's largest providers of public services is seeking a rescue deal as it struggles with £500m of debt, according to the Financial Times.

Interserve, which works in prisons, schools, hospitals and on the roads, said it might look for new investment or sell off part of the business.

Workers at the Foreign Office and the NHS are among Interserve's tens of thousands of UK employees.

The government said it supported the company's long-term recovery plan.
Carillion  outsourcing  Privatisation  Interserve  UK  Austerity  Tories  nasty  party  Conservativ  Council  Bailout 
december 2018 by asterisk2a
Carillion displayed utter contempt for suppliers – Frank Field | Business | The Guardian
Carillion displayed utter contempt for suppliers – Frank Field
Failed government contractor used suppliers to ‘prop up a failing business model’ and conceal true debt, say MPs
Carillion  UK  Privatisation  outsourcing  governance  Tories  nasty  party  Austerity  accounting  Conservative  Council  NHS  Prison 
may 2018 by asterisk2a
Government let slip chance to retrieve £364m from Carillion | Business | The Guardian
Multiple sources told the Guardian that the Cabinet Office, responsible for oversight of government contractors, did not apply any pressure on Carillion’s directors to adopt the proposals, presented by accounting firm EY in mid-December last year.

EY’s plan would have involved breaking up the company, selling the profitable parts and placing the rest into liquidation, avoiding an involuntary collapse.
Carillion 
march 2018 by asterisk2a
Revealed: Carillion lenders alerted to concerns months before collapse | Business | The Guardian
[of course, business as usual] FTI Consulting accused government contractor of using aggressive accounting to mask underperformance
Carillion  accounting 
march 2018 by asterisk2a
Ex-Carillion director viewed pension fund as 'waste of money' | Business | The Guardian
Ex-Carillion director viewed pension fund as 'waste of money'
Comment revealed in meeting minutes as MPs criticise Pensions Regulator and KPMG
Carillion  pension  bailout  Governance 
february 2018 by asterisk2a
(112) Renegade Inc. & What to expect in 2018 - YouTube
UK BOE QE trap - the road to normalisation - without counter engagement (productive investment), and further Austerity, tax evasion, inequality, income gap, secular stagnarion, less money to spend for the average joe === very bumpy uncertain ride. ... and add Brexit even more uncertainty. OUCH. real growth for real people not gonna happen. // see also RAWerden Richard Andreas Werner for bank reform (local non-profit et al) // also consumers will hold back. especially w trickle down of bad news. job losses here and there retail inflation wage growth etc. creating a impression of a malaise especially for the 50% who voted remain. and 30% who didnt go vote. // see also news 8or7 out of 10 workers broke/permanently skinned - and consumer debt at 2008 high //
BOE  QE  trap  Richard  Koo  UK  Austerity  productive  investment  underinvestment  productivity  Brexit  Steve  Keen  book  RAWerner  debt  bubble  asset  alternative  WallStreet  GDP  output  gap  uncertainty  2018  business  consumer  confidence  fiscal  policy  NHS  monetary  Carillion  PFI  disposable  income  discretionary  spending  credit  malaise  secular  stagnation  stagflation 
february 2018 by asterisk2a
Carillion: a month on, employees, partners and rivals feel the pain | Business | The Guardian
The pensioners
Carillion grew fast by taking over companies, including Alfred McAlpine, Mowlem and George Wimpey. Each deal brought with it a pension scheme, and the combined schemes, which have nearly 30,000 members, are estimated to be at least £990m in deficit.

The government’s pensions lifeboat, the Pension Protection Fund (PPF), is expected to assume a liability of up to £900m, its largest ever. It has enough money to do that, but scheme members will face payout cuts of about 15%.
Carillion  bailout  Pension  scheme 
february 2018 by asterisk2a
Former Carillion directors branded 'delusional' at MPs' Q&A | Business | The Guardian
Former directors of Carillion turned down the chance to hand back their bonuses voluntarily, as MPs branded them “delusional characters” willing to blame everyone but themselves for the government contractor’s failure.

Seven former Carillion directors gave evidence to MPs at the start of a joint inquiry by two select committees into the firm’s liquidation earlier this month.
Carillion 
february 2018 by asterisk2a
Shares in UK government contractor Capita plunge 40% after profit warning | Business | The Guardian
Major UK outsourcing group stuns City with profits warning, as new CEO admits the company is too complex and freezes its shareholder dividend. 10.30am: Shares down 42% at 15-year low. New CEO says company must change. Capita wants to raise £700m from shareholders. Worries over £381m pensions deficit
Carillion  Capita  Privatisation  UK  Austerity  Council  NHS  Prison  outsourcing  pension  scheme  bailout  TBTF  taxevasion  taxavoidance  CEO  pay  shareholder  dividends  working  poor  sub-contractor  contractor  Precariat  insecurity 
january 2018 by asterisk2a
The Carillion pension bungle raises this question: where was the oversight? | Simon Jenkins | Opinion | The Guardian
There’s something amiss when a firm £5bn in debt, owing almost £1bn to its pensioners, and with just £29m in the bank is given a clean bill of health &! https://www.theguardian.com/business/nils-pratley-on-finance/2018/jan/29/the-pensions-regulator-a-deficit-of-credibility - The Pensions Regulator: a deficit of credibility Nils Pratley Nils Pratley The regulator may need more powers to intervene – but first it must use what capabilities it has
Carillion  pension  scheme  bailout  UK  self-regulation  regulation  regulators  governance  oversight  Tories  nasty  party  Conservative  JAM  Theresa  May 
january 2018 by asterisk2a
Carillion was left with just £29m before going bankrupt - BBC News
Carillion was in talks with the government since October as part of a desperate bid to stave off collapse, according to the chief executive.

Keith Cochrane says the construction giant was left with just £29m in cash by the time it went bust on Monday.

Until the last moments, directors still believed a rescue was possible, but banks became more demanding, he said.
Carillion 
january 2018 by asterisk2a
The Guardian view on Carillion: reaping the consequences of corporate greed | Editorial | Opinion | The Guardian
The failure of the outsourcing behemoth must be explained. Then we need a better way of managing public services
Carillion  Privatisation 
january 2018 by asterisk2a
Carillion: Support for small firms ends in 48 hours - BBC News
Firms working for failed construction giant Carillion on purely private sector deals will only have two days of government support, Cabinet Office Minister David Lidington has warned.

Carillion spent £952m with local suppliers in 2016 and used an extensive network of small firms, who are now waiting to learn if they will be paid.

One industry group estimates that up to 30,000 firms are owed money by Carillion.

Critics want a review into the crisis.

Britain's second largest construction firm, which employs 20,000 people in the UK, went bust on Monday with debts of about £1.5bn.
Carillion 
january 2018 by asterisk2a
Carillion crisis: UK government locked in last-ditch rescue talks | Business | The Guardian
But the banks, headed by HSBC, Barclays and Santander, have yet to agree on a restructuring plan and are understood to be reluctant to pour in new funding unless Downing Street takes part in a bailout.
Carillion  bailout  pension  bank  UK  oligopoly 
january 2018 by asterisk2a

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