Carillion (CLLN) has found itself at the top of a list of rotters in the outsourcing sector. Management had hoped to raise new capital and convert some of its debt to equity, but was forced to announce it would be entering compulsory liquidation with immediate effect.This is the worst possible outcome for investors. PwC, which has been appointed to manage the insolvency, warned “there is no prospect of any return to shareholders”.
To continue reading, register today
to enjoy limited access to the following:
- Daily trading news
- Funds coverage
- Features on big investment themes
- Comprehensive companies coverage
- Economic analysis