00:00South Australia's Premier Peter Malinowska says that there's two parts to this $15 million
00:08rescue package. The first part will see the South Australian Government step in to immediately
00:15secure the jobs of Bedford's workers, which will then buy time for the Federal Government to step
00:21in and develop a long-term business plan. Bedford is a major disability employment provider in South
00:29Australia and the organisation flagged last Thursday that it would enter voluntary administration
00:35today unless it was given a financial lifeline. In making the announcement today of the Comprehensive
00:42Rescue Plan, the Premier has said that it was not an acceptable idea that the South Australian
00:49Government would sit back and watch Bedford go into administration. It's understood that the
00:56organisation currently employs over 800 staff and supports 1400 people living with a disability.
01:03Now as part of this package Mr Malinowska says that Bedford's Chief Executive Officer Myron Mann has
01:11resigned. Take a listen to what the Premier had to say about the financial situation which Bedford has
01:19found itself in in the lead up to today's announcement. Not that long ago Bedford was in a really strong
01:27financial position with a healthy balance sheet and strong cash flows. That is not true now. There have
01:34been a number of decisions that have been made by Bedford that have led them to this set of circumstances
01:40and clearly that is regrettable. In order to have confidence that we are able to give Bedford its best shot
01:47of having a secure future going forward. It is the South Australian Government's view that a change of management is required.
01:55Bedford Chair Janet Miller said that she had offered to step down from her role but the Premier has indicated that that is not needed
02:03at this point in time. The Government has appointed advisory firm McGrath Nicol to get to work immediately to help restructure Bedford for the future.
02:13Bedford Chair Janet Miller
02:20in the lead up that is not going to be identified as the someone who made the CEO of the Canada
02:23and of the United States.
02:33Meet Speaker Terrificers
02:34in the lead up that is not going to be investigated.
02:37It is a new one to do at the beginning of the country.
Comments