Interserve is likely to go into administration on Friday.

Where Carillion starts others will follow. In a previous era we had no proper regard for social value in the awarding of contracts and this is what happens when we industrialise local service provision. This story tells us:

Directors of the company, that employs 45,000 people in the UK, have told the BBC the firm has “a mountain to climb” to prevent it collapsing under the weight of its nearly £650m in debt. 

A plan to swap the majority of that debt for new shares requires the support of more than 50% of the shareholders and the company’s biggest shareholder – US hedge fund Coltrane which owns 27% – is currently dead set against the plan. 

Since many small shareholders don’t vote – even in a crisis like this – the support of Coltrane is seen as crucial in getting the deal through. 

The board’s plan would see current shareholders awarded 5% of the company – with the rest going to the creditors.

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