The Wall Street Journal: Carillion collapses after rescue talks with creditors, U.K. government fail

A worker on Monday walks into Carillion’s Midland Metropolitan Hospital construction site in Smethwick, Britain, after the company went into liquidation.

One of the U.K. government’s biggest contractors entered liquidation proceedings Monday after weekend rescue talks collapsed, a high-profile failure that comes amid a renewed political debate in Britain over the role of private-sector companies in the delivery of public services.

Carillion PLC CLLN, -28.95%CIOIY, -18.87% said its board agreed to wind down the company after failing to reach an agreement with its lenders on the restructuring of its debts, a move that caps months of speculation about its future following poorer than expected results.

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