January 26, 2018 / 7:17 AM / 8 months ago

BRIEF-HICL Infrastructure Co Announces ‍Update To Shareholders Following Compulsory Liquidation Of Carillion

Jan 26 (Reuters) - HICL Infrastructure Company Ltd:

* ‍UPDATE TO SHAREHOLDERS FOLLOWING COMPULSORY LIQUIDATION OF CARILLION PLC THAT WAS ANNOUNCED ON 15 JANUARY 2018​

* ‍SERVICE DELIVERY IN PERIOD SINCE CARILLION’S LIQUIDATION HAS BEEN STABLE, WITH NO MATERIAL ISSUES​

* PROJECT COMPANY MANAGEMENT TEAMS ARE ALSO IN DIALOGUE WITH PWC, SPECIAL MANAGERS, TO ENSURE THAT FUNDS CONTINUE TO FLOW TO CARILLION SUBSIDIARIES

* ‍PREVIOUSLY ANNOUNCED THAT 10 PROJECTS WITHIN HICL PORTFOLIO 1 HAD FACILITIES MANAGEMENT SUBCONTRACTS WITH CARILLION SUBSIDIARIES

* ‍LIQUIDATION OF CARILLION HAS TRIGGERED LOAN AGREEMENT DEFAULTS AT MOST OF THESE PROJECTS​

* ‍SITUATION IS EXPECTED TO CONTINUE UNTIL LONG-TERM REPLACEMENT OPERATORS ARE IN PLACE,PROCESS THAT CO ANTICIPATES WILL TAKE A NUMBER OF MONTHS​

* ‍BASED ON CURRENT INFORMATION, IMPACT IS ESTIMATED AT APPROXIMATELY £50M OF NAV ​ Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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