A recent deal between two companies is saving about 4,500 jobs. Carillion Canada recently filed papers in court for protection against its creditors, but Fairfax Financial Holdings Ltd. decided to buy the company's facilities management sector. This particular part of the business will provide services to places such as airports, health care and defence facilities, along with oil, mining and gas companies as well as to retail and commercial facilities. In this business and commercial deal, thousands of Carillion jobs in Canada will be saved and moved over to Fairfax.
As is customary in these types of transactions, the deal will need to be approved by the Ontario Superior Court, which has been keeping watch over Carillion's business practices since it applied for credit protection. Carillion said it is using the protection to secure its operations and to come up with ways to appease creditors. All facets under Carillion's umbrella are covered by the protection order. Those areas includes Carillion Canada Holdings, Inc., Carillion Construction Inc. and Carillion Canada Finance Corp.
More than 6,000 people work at Carillion Canada. The company not only has a presence in Ontario, but in Alberta and Saskatchewan as well. In the Wheat Province, Carillion is involved in the construction of a new mental health hospital.
Business and commercial ventures in Canada such as this one are healthy for the economy and can save thousands of jobs. Any foray into this realm might benefit from legal counsel. A lawyer with business and commercial acumen may be able to provide valuable advice when it comes to penning any business deal.
Source: thestar.com, "Fairfax acquires some Carillion Canada assets", Nathan Denette, Feb. 4, 2018