British builder Carillion issued its third profit warning of the year on Friday, saying it was at risk of breaching year-end financial covenants and would need to recapitalise.
The construction and support services provider said it needed to delay its financial covenants dates until April 30 and was talking to stakeholders.
"This will require some form of recapitalization, which could involve a restructuring of the balance sheet. The Board expects to commence steps to implement the chosen option during the first quarter of 2018 and a further announcement will be made in due course," it said.
"Whilst we continue to target cash collections, reduce costs, execute disposals and focus on delivering for our customers, it is clear that significant challenges remain and more needs to be done to reduce net debt and rebuild the balance sheet, Interim Chief Executive Keith Cochrane said.