This is an extract from the Australian newspaper today:
Could troubled education provider Vocation be in serious strife? The company was yesterday expected to reveal details of a financing arrangement, but instead its shares were suspended prompting fears a salvage plan had collapsed.
Several sources told DataRoom Vocation’s prospects for survival were bleak.
It is understood the company, which suffered a share price crash and had to divest major assets earlier this year as part of a deal with its banking syndicate, will be unable to make its next loan repayment and has been negotiating with its financiers.
Vocation’s banking syndicate is made up of Westpac, Commonwealth Bank and NAB.
It hoped to make an announcement but had yet to reach an arrangement.
Last night Vocation chief executive Stewart Cummins, however, said it was simply a matter of the deal taking longer than expected.
KordaMentha-owned 333 Group, which had assisted the company shedding assets, did not return calls.
VET Price at posting:
12.0¢ Sentiment: None Disclosure: Not Held
