Fairfax Financial to buy some Carillion Canada contracts, take over 4,500 jobs

Fairfax Financial has concluded to buy certain resources and assume certain liabilities associated to Carillion Canada, a infrastructure services association that recently sought creditor protection.

Under a deal, Toronto-based Fairfax will take over contracts to provide facilities government during airports, blurb and sell properties, counterclaim facilities, some medical comforts and for a series of oil, gas and mining clients — a pierce that will make certain those services continue to be performed.

• Carillion Canada says it’s soldiering on notwithstanding U.K. parent’s financial woes

Financial terms of a understanding were not disclosed, but the understanding will see some-more than 4,500 Carillion Canada employees pierce to Fairfax.

“We are gay that some-more than 4,500 members of a group will be fasten a Fairfax family,” Carillion Canada CEO Simon Buttery said. “This transaction will yield certainty and fortitude for a clients we work for and a business we serve, and a clever height for a continued expansion of a business.”

Carillion Canada sought protection underneath a Companies’ Creditors Arrangement Act after the primogenitor company, British construction hulk and state executive Carillion PLC, entered murder after apropos incompetent to use the debt load.

• Carillion Canada gets creditor insurance after disaster of U.K. parent

Article source: http://www.cbc.ca/news/business/carillion-canada-1.4520040?cmp=rss