Pensioners who used to work for Carillion could end up holding a stake in the construction giant as part of a deal to rescue it from the threat of collapse.
Carillion admitted on Friday that it is likely to breach lending terms on its mammoth debt pile.
The news sent its shares crashing 48%. Investors expect a debt-for-equity deal will render their holdings virtually worthless.
The company said that its debts could hit £925m by the end of the year – 10 times its market value of just £92m – and so it will need to find new cash.
