Carillion has called in HSBC to help carry out a review of the business following this week £845m writedown to cover problem contracts.
The move helped calm fears in the city, which saw around £600m wiped off the firm’s value as shares plunged from 191p over the week.
HSBC will help the firm with its comprehensive review of the business over the next two months.
The move saw shared creep up around 8% in early trading to around 59p.
The damaging profit warning amid mounting debts expected to hit £900m leaves the firm fighting for survival.
Its options include include a debt-for-equity swap, a heavily dilutive equity raising from shareholders or a rescue takeover if a foreign buyer could be found.
from Construction Enquirer http://www.constructionenquirer.com/2017/07/14/carillion-asks-hsbc-to-review-business/
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