She called for an urgent task force, including employers and trade unions, to be set up to rescue Carillion's outsourcing contract and evaluate how the collapse of the company could impact on infrastructure projects, the public sector and the wider economy.
A spokeswoman said: "It is too early to predict the outcome of these discussions but Carillion expects that any such agreement is likely to involve the raising of new capital and the conversion of existing financial indebtedness to equity which would result in significant dilution to existing shareholders".
As well as employing 19,500 people in the United Kingdom, it is one of the government's biggest contractors.
Sky News revealed on Friday that EY, the accountancy firm, had been placed on standby to act as administrator to Carillion.
Carillion added that it was in dialogue about securing short-term financing "while the longer-term discussions are continuing".
Carillion, a facilities management and construction services company, has struggled since reporting half-year losses of £1.15 billion, and a meeting is being held to discuss its pensions deficit.
Government officials and regulators will hold crisis talks on Friday aimed at safeguarding pensioners' interests at Carillion, the vast construction group which is racing to avoid collapse.
A business plan tabled by the group on Wednesday was reported to have been rejected by stakeholders because it failed to present a solid proposition for restructuring the business.
Their attitude is said to have prompted senior figures close to Carillion to discuss the possibility of emergency financial support from the Government.
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"Ministers did meet yesterday, there are ongoing meetings", he said. Carillion had 924 million pounds of long term debt as of June 2017.
Spun out of Tarmac almost 20 years ago and having bought Alfred McAlpine in 2008, Carillion has worked on key construction projects including London's Royal Opera House, the Suez Canal road tunnel and Toronto's Union Station.
Laith Khalaf, a senior analyst at Hargreaves Lansdown, said it was likely the Scottish and UK Governments had been working on contingency plans since financial difficulties at Carillion first became clear previous year.
Its only asset sale since the crisis erupted has been to offload a portfolio of healthcare contracts to rival outsourcer Serco for £50m - against a broader forecast for disposal proceeds of £300m.
The company is fighting net debts of more than £900 million, following a crisis sparked in July previous year when it issued a profit warning.
Since then, the company has cleared out its executive team, including chief executive Richard Howson and finance director Zafar Khan.
What does under-threat company Carillion do?
A spokesman for Prime Minister Theresa May said on Friday the government was monitoring the situation and had drawn up a contingency plan after the 200-year-old group asked creditors for more time to tackle its debts.