Anxious to save ABC
ABC Learning can be saved, according to non-executive director Larry Anthony.
Mr Anthony, who served the Tweed as Richmond MP from 1996 to 2004, is confident the faltering childcare giant can get back on solid ground in due time.
"I am still a director but I do not have any power at the moment. I will assist with anything when I am called upon by the administrators," Mr Anthony said.
"I have a substantial number of shares and like other share holders I choose not to sell because I believe in the company."
Mr Anthony said he and two other board members have decided to stick it out because of the commitment to the families it serves.
Mr Anthony said his inspiration to keep fighting for the company was because of its commitment to the 120,000 children it cares for across Australia.
"We had to make a call to move it to a voluntary receivership. We are trying to keep it open because of its commitment to Australian families."
ABC Learning was placed in the hands of administrators on Thursday following the announcement of a 42 per cent drop in profit in the first half of the financial year in February and a debt of $1 billion to Australia's major banks.
Mr Anthony said he was obviously concerned for the future of the company and its employees.
"Of course I am concerned. Not just for the future of the company but for the provision it gives to its employees and the Australian families it serves."
The Federal Government announced a $22 million lifeline for the ABC Centres for them to continue operating until the end of the year.
"The funding will provide some assistance but I hope there is some co-ordinated strategy for the next financial year. That is what is most important," Mr Anthony said.
"Beyond now I cannot comment."
Mr Anthony said he has been in Australia the past two weeks fighting to save the company.