6 Dec 2008

Receivers delay announcement on ABC Learning

8:02 am on 6 December 2008

The receivers of ABC Learning in Australia will make an announcement next week about the fate of more than 300 childcare centres.

The announcement by McGrath Nicol, was originally expected on Friday.

More than 600 centres have already been judged to be capable of making a profit and will operate next year.

But the ABC reports the receivers have had to spend much longer assessing the financial viability of the remaining 386 centres.

ABC Learning is the largest childcare provider in Australia. It collapsed last month with more than $A1 billion in debt.

McGrath Nicol says a plan to secure a place for every ABC pupil - and provide clarity for staff - will be finalised next week.

ABC Learning operates 119 centres around New Zealand, providing for about 7,700 children

The New Zealand section of the business is being treated as a stand-alone entity.

Officials from the Ministry of Education met ABC New Zealand management in early November, to discuss how to keep the centres operating.

General manager Craig Presland said an assurance had been given that current subsidies would continue.