ABC Learning fears
Updated: 12:05, Wednesday March 26, 2008
Eddy Groves' plan to rescue his troubled ABC Learning Centres may be doomed.
The private equity arm of the American investment bank Morgan Stanley failed to sign on the dotted-line before the deadline for exclusive negotiations expired.
ABC announced its deal with Morgan about three weeks ago, with the bank due to pay the childcare company around $750 million for a 60 per cent stake in its US business.
The money was to be used to pay-off around $1 billion worth of debt.
It's understood pressure on global credit markets forced Morgan Stanley to hold off on the deal, and that no other buyers have shown an interest in the ABC business.
An announcement is expected by the end of this week.
ABS
a.b.c. learning centres limited
ABC Learning fearsUpdated: 12:05, Wednesday March 26, 2008Eddy...
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