From Wednesday's Australian:
Receivers to take over ABC Learning
John Durie | November 05, 2008
ABC Learning, the childcare centre operator that looks after 100,000 Australian infants and toddlers, is today expected to be swept into receivership after months of escalating financial trouble.
It is understood the board of the debt-laden company will call in administrators, formally killing founder Eddy Groves's dream ofcreating a global childcare empire.
ABC's bankers are then expected to demand the appointment of receivers, in a sign that Australian banks are losing patience with companies crippled by the global financial crisis.
Last night, banks including Westpac, the Commonwealth, NAB and St George appointed receivers to stricken investment firm Allco Finance Group -- another victim of the credit crunch.
The Commonwealth is also the biggest creditor to ABC, which declined to comment last night.
ABS
a.b.c. learning centres limited
receivers called in according to the strayan
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