Timeline of Carillion’s struggles
January 15, 2018 -- British construction giant Carillion has filed for compulsory liquidation. The company, which employs 43,000 people worldwide, has debt topping £900 million, and a pension deficit of £587 million.
The High Court approved compulsory liquidation early Monday and accountancy firm PwC has been appointed administrators.
Carillion’s shares had lost 93 percent of their value since July when it revealed £845m of losses on a construction deal in the Middle East and three building contracts in Britain.
By Friday, the company’s share price had fallen from 236.30 pence in January 2017 to just 14.20 pence and its market capitalisation had shrunk to £61 million, meaning its debts, and pension deficit far outweighed its equity value.