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Bypass firm Galliford Try to raise £150m after Carillion collapse

From BBC - February 14, 2018

Building firm Galliford Try plans to raise 150m from investors after Carillion's demise left a cash shortage on the Aberdeen Bypass project.

The company announced the plan on Wednesday, revealing a 25m exceptional charge in its half-year results.

Bypass partners Galliford Try and Balfour Beatty must now cover the costs arising from Carillion's collapse.

They said the fundraising would ensure they did not have to divert money away from other projects.

Carillion went into liquidation in January, after talks between the company, its creditors and the UK government failed.

'Exceptional charge'

It is involved in several infrastructure projects in Scotland, including the electrification of the central Scotland railway line and the extension of platforms at Edinburgh's Waverley Station.

Other major projects involving Carillion include the HS2 high-speed rail line, as well as managing schools and prisons.

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