Texan Tycoon Speaks on ISG's Bankruptcy and Job Losses
- ISG has filed for bankruptcy, leading to the loss of 2,200 jobs.
- The company owes a significant $1 billion debt to Goldman Sachs.
- The collapse is considered one of the largest in the construction industry since Carillion's downfall in 2018.
The recent collapse of ISG, a construction firm known for building prisons and schools, has sent shockwaves through the industry, particularly affecting 2,200 employees who have lost their jobs. The company, which reported a turnover of £2.2 billion in 2022, has been struggling under a staggering $1 billion debt owed to Goldman Sachs. This situation has drawn comparisons to the downfall of Carillion, a major outsourcer that went bankrupt in 2018, highlighting the fragility of the construction sector. William Harrison III, the former chairman of ISG, expressed his devastation over the job losses, emphasizing the human impact of the firm's financial troubles. The company was placed into administration by EY just nine days prior to Harrison's statement, marking a significant event in the construction industry. ISG was owned by Cathexis Holdings, which also has interests in data centers and engineering firms, indicating a broader network of financial implications stemming from this collapse.