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13 days ago
Battered Carillion appoints HSBC as financial adviser, broker
July 14, 2017 / 6:26 AM / 13 days ago

Battered Carillion appoints HSBC as financial adviser, broker

1 Min Read

July 14 (Reuters) - Construction company Carillion said on Friday it had appointed HSBC Bank Plc as joint financial adviser and joint corporate broker with immediate effect.

Analysts have raised concerns that Carillion will have to undertake a right issue, after it booked on Monday a 845 million pound ($1.1 billion) writedown against customer payments it no longer expected to be able to collect.

The builder and support services firm has seen its market value fall by 70 percent since a profit warning and the exit of its CEO on Monday.

Its bondholders have braced for "painful" talks as a pile-up of receivables and debt spooked investors.

Carillion listed Morgan Stanley and Stifel as its corporate brokers and Lazard as its financial adviser on its website ahead of Friday's announcement. (Reporting by Esha Vaish in Bengaluru; editing by Jason Neely)

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