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Troubled Australian firm chosen to build, maintain 18 Alberta schools

Company plagued by layoffs, resignations, massive debt and stock devaluation.

Troubled Australian firm chosen to build, maintain 18 Alberta schoolsby CBC News

September 18, 2008 ‚ An Australian company has announced that it has been chosen to build and maintain 18 new schools in Edmonton and Calgary.

Babcock and Brown Public Partnerships, a subsidiary of investment group Babcock and Brown, made the announcement on its website Monday.

The Alberta government has scheduled a news conference for Friday.

Babcock and Brown has been heavily affected by the financial crisis in the United States.

According to media reports, the company's stock has lost 97 percent of its value in 2008.

The company's chief executive officer and chairman both resigned in August. The company is also billions of dollars in debt, and laid off a quarter of its staff last month. . .

Links and sources
  Australian firm says it will build, maintain 18 Alberta schools, by CBC news, September 18, 2008

Posted: September 18, 2008

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