Construction cranes showing the branding of British construction company Carillion is photographed on a building site in London on January 14, 2018. AFP / Tolga AKMEN
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Carillion PLC, the U.K. construction and services company that collapsed under 1.6 billion pounds ($2.2 billion) of debt, was hardly a household name.The company employs 43,000 people worldwide, almost 20,000 of them in the U.K.Rebecca Long-Bailey, the party's business spokesperson, urged the government to take over Carillion's contracts.The company issued three profit warnings in six months, causing its shares to plummet 93 percent since July 7, giving it a market value of 61.1 million pounds.The rapid demise will hand losses to banks, bondholders and suppliers, with more than half its borrowings, in the form of an 835 million-pound loan, from lenders including Barclays PLC, Lloyds Banking Group PLC and Royal Bank of Scotland Group PLC, according to a September company statement and data compiled by Bloomberg.Even the Institute of Directors issued a statement attacking Carillion's "highly inappropriate" bonus structure.While Carillion's stock was suspended Monday, shares in construction equipment rental firm Speedy Hire PLC became its first victim, falling as much as 12 percent due to its reliance on Carillion.
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