Companies going bankrupt/into administration

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kenneal - lagger
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Post by kenneal - lagger »

Former Carillion CEO Joins Kier.

Could this be the beginning of the end of Kier? Is this the executive class looking after its own? Does the leader of a company which went bust so spectacularly have any credibility? Or are the execs of Kier hoping for a massive payout before this firm goes bust too? Is it time to sell any shares in Kier?
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careful_eugene
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Post by careful_eugene »

Dawnus construction in administration, not on the scale of Carillion, Interserve or Kier but still still pretty big https://www.bbc.co.uk/news/uk-wales-47567023. We have worked for all of these main contractors and have, so far, been lucky.
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raspberry-blower
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Post by raspberry-blower »

kenneal - lagger wrote:Former Carillion CEO Joins Kier.

Could this be the beginning of the end of Kier? Is this the executive class looking after its own? Does the leader of a company which went bust so spectacularly have any credibility? Or are the execs of Kier hoping for a massive payout before this firm goes bust too? Is it time to sell any shares in Kier?
Kier required an emergency loan of £500 million not that long ago, Ken - looks like the last rites to me.
Bit rhetorical as you have answered your own question as highlighted above
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BritDownUnder
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Post by BritDownUnder »

kenneal - lagger wrote:Former Carillion CEO Joins Kier.

Could this be the beginning of the end of Kier? Is this the executive class looking after its own? Does the leader of a company which went bust so spectacularly have any credibility? Or are the execs of Kier hoping for a massive payout before this firm goes bust too? Is it time to sell any shares in Kier?
Thankfully I don't own Kier shares unlike Carillion. I guess the thinking is something along the lines of lightning couldn't possibly strike twice or second time lucky. To the Keir board - Keep those fingers crossed guys.
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kenneal - lagger
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Post by kenneal - lagger »

Can we expect that favourite of self serving board members, a share by back with the cheap loans now available?
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BritDownUnder
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Post by BritDownUnder »

kenneal - lagger wrote:Can we expect that favourite of self serving board members, a share by back with the cheap loans now available?
You forgot to mention the higher than inflation pay rises for the board and then the golden handshakes just before the boat sinks. But remember Kier, timing is everything.
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Post by raspberry-blower »

careful_eugene wrote:Dawnus construction in administration, not on the scale of Carillion, Interserve or Kier but still still pretty big https://www.bbc.co.uk/news/uk-wales-47567023. We have worked for all of these main contractors and have, so far, been lucky.
If you are a Kier contractor, your luck is turning:

Kier to start charging subcontractors to work with them
A subcontractor said: “We saw this sort of thing with Carillion – main contractor discounts, rebates. Now we are being asked for 1.5% just to work with them.

“The danger is what Kier is doing becomes contagious and other main contractors sit up and say we need to do this
A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools - Douglas Adams.
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Post by emordnilap »

WOW airline gone
The airline, which employs around 1,000 people, has now confirmed that it has entirely ceased operations.
The day they all go bust…bring it on.
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Post by careful_eugene »

raspberry-blower wrote:
careful_eugene wrote:Dawnus construction in administration, not on the scale of Carillion, Interserve or Kier but still still pretty big https://www.bbc.co.uk/news/uk-wales-47567023. We have worked for all of these main contractors and have, so far, been lucky.
If you are a Kier contractor, your luck is turning:

Kier to start charging subcontractors to work with them
A subcontractor said: “We saw this sort of thing with Carillion – main contractor discounts, rebates. Now we are being asked for 1.5% just to work with them.

“The danger is what Kier is doing becomes contagious and other main contractors sit up and say we need to do this
This doesn't surprise me at all, on some projects the QS is actively and very creatively finding reasons not to pay for work done. We spend so much time justifying costs for extra work that clients instruct that often it isn't worth the effort.
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raspberry-blower
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Post by raspberry-blower »

Fun and games going on at Debenhams:

Guardian: Debenhams falls into administration, wiping out Mike Ashley's £150 million stake

The stores will continue trading for the time being - although 50 stores may close as a result of the CVA
A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools - Douglas Adams.
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Post by BritDownUnder »

raspberry-blower wrote:Fun and games going on at Debenhams:

Guardian: Debenhams falls into administration, wiping out Mike Ashley's £150 million stake

The stores will continue trading for the time being - although 50 stores may close as a result of the CVA
Looks like poor Mikey didn't have the numbers on the board to get is way. Apparently he wanted them to take lie detector tests after the last meeting.
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emordnilap
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Post by emordnilap »

There have been reassurances the separate Irish Debenham’s is safe.

That’s worrying for the 11,000 who work in it.
I experience pleasure and pains, and pursue goals in service of them, so I cannot reasonably deny the right of other sentient agents to do the same - Steven Pinker
raspberry-blower
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Post by raspberry-blower »

Another one teetering on the brink - another meaningless "reassurance" has been issued:

Don Quijones: Thomas Cook on the verge of collapse
A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools - Douglas Adams.
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Post by raspberry-blower »

Here's another one teetering:

Beeb: British Steel on the verge of administration
A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools - Douglas Adams.
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Post by Little John »

Jamie Oliver restaurant chains face collapse

https://www.bbc.co.uk/news/business-48352026
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