Construction giant Carillion goes into adminstration

Construction and services giant Carillion has gone into liquidation, putting thousands of jobs and millions of pounds' worth of British government contracts at risk.

Carillion, in a statement released Monday, says it had no choice after weekend talks with creditors and government officials failed to garner the short-term financing it needed. In addition to working on road and rail projects, Carillion provides services to government institutions including prisons and schools.

The company, which employs some 20,000 people in Britain, has been struggling to reorganize amid debts of about 900 million pounds ($1.24 billion) and a pension deficit of 590 million pounds. Carillion's share price has plunged 70 percent in the past six months.

Chairman Philip Green says it is "with the deepest regret that we have arrived at this decision."