Carillion has been granted an extra four months by bankers to sort out its finances.
The company was set to breach its banking covenants this month but they have now been deferred to the end of April.
Carillion confirmed the deferral to April 30 2018 from December 31 2017 in a Stock Exchange announcement this morning.
The firm added: “As previously indicated, Carillion is in continuing constructive discussions with stakeholders regarding its options to reduce net debt and recapitalise and/or restructure the Group’s balance sheet.
“These discussions are progressing well, and the Board still expects to determine the approach and to commence steps to implement the chosen option during the first quarter of 2018.”
Keith Cochrane, Carillion’s Interim Chief Executive, said: “We believe that our lenders’ decision to defer the test date demonstrates their continuing support.
“We remain focused on actively progressing a constructive dialogue with our financial stakeholders on the Group’s recapitalisation plans.”
from Construction Enquirer http://www.constructionenquirer.com/2017/12/22/carillion-wins-extra-time-agreement-from-lenders/
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