14th Oct 2014 05:44
LONDON (Alliance News) - Balfour Beatty PLC has issued a last-ditch warning to investors that failure to sell its American arm could result in the troubled engineering and construction giant defaulting on its debts, The Daily Telegraph reported Tuesday.
In a circular posted to shareholders, the company revealed that it could breach its banking covenants in the coming months if the sell-off of Parsons Brinckerhoff is not approved, the newspaper said. Its banking covenants will next be examined at the end of December.
The shareholder vote on the sale will be held on October 28.
http://www.telegraph.co.uk/finance/newsbysector/epic/bby/11160099/Balfour-Beatty-faces-threat-of-default-if-shareholders-reject-US-sale.html
By Steve McGrath; [email protected]; @stevemcgrath1
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