Australian education and childcare services provider A.B.C. Learning Centres Ltd (ABLCF.PK) filed for bankruptcy in a Delaware court Wednesday, more than 18 months after the company went into administration in Australia.
The filing comes after an Arizona jury ruled against the company earlier this month in a lawsuit over certain development contracts and ordered it to pay more than $47 million in damages to RCS Capital Development LLC.
"While judgment has not yet been entered against ABC Learning and ABC Delaware, RCS has already sought to commence enforcement and collection efforts," the company said in court filings.
The company filed under Chapter 15 of U.S. bankruptcy law, which deals with cases involving more than one country and allows U.S. courts to recognize the actions of insolvency proceedings in foreign countries.
ABC Learning listed both assets and debt of more than $100 million each in court papers.
The filing also listed A.B.C. USA Holdings Pty Ltd as an affiliate.
Before it went into administration in November 2008, ABC Learning operated about 1,045 childcare centers and had 15,000 full time employees in Australia alone.
The case is In re: A.B.C. Learning Centres Ltd, U.S. Bankruptcy Court, District of Delaware, No. 10-11711.
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