>THE crash of an Australian childcare chain run by a high-spending former milkman has thrown thousands of families into turmoil and left investors like Temasek Holdings in a black hole.
ABC Learning controlled 20 per cent of the country's childcare industry with 1,075 centres employing 16,000 staff who looked after 120,000 children. It also owns centres in New Zealand.
The firm's rapid expansion was underpinned by huge levels of debt but questionable management and higher interest rates thanks to the credit crunch took their toll and the firm went to the wall last week owing banks A$762 million (S$788 million).Temasek will be one of the biggest casualties. It took a 12 per cent stake worth about A$400 million last year.
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