This article is from the Australian Property Journal archive
ABC Learning Centres is still in discussions to sell a stake in its United States centres to Morgan Stanley.
Earlier this month, ABC’s founder Eddy Groves travelled to the US to seek a rescue package and ended up selling a 60% stake to Morgan Stanley for $750 million.
The company said discussions with Morgan Stanley are continuing, however, the exclusivity period in respect of the MOU will end as of March 25 as opposed to March 24.
At the time, ABC said if the sale did not proceed, it would still be able to meet its financial covenants under its existing banking facilities.
The deal is subject to the approval of ABC’s lenders.
Australian Property Journal
