Troubled education and training group Vocation will cut the value of its assets by up to $245 million in the latest fallout from its loss of government funds.
But Vocation is confident of selling some if its businesses by the end of April which, it says, will help it reduce debt and remain viable.
Vocation was stripped of $20 billion in funding from the Victorian government in September after an audit review lambasted the performance and practices of two subsidiaries, BAWM and Aspin.
Chief executive Mark Hutchinson announced his departure in January as the company forecast a half year loss of $27 million. That is now set to blow out even further after Vocation's review of asset values.
The company expects to reduce the value of intangible assets by between $235 million and $245 million in its accounts for the six months to December, because of the closure of BAWM and Aspin.
Vocation's troubles have also forced it to renegotiate a major loan, and it has agreed to bring forward the maturity date by one year to May 30, 2016, without any change to the cost of the loan.
More than 30 expressions of interest have been received for some if its business, including from several global and national education providers, the company said on Monday.
"The company anticipates it will complete any sale processes by the end of April 2015, and expects to have a viable ongoing business after this," Vocation said.
Shares in the company have not traded since January 19, and closed 12.5 cents lower, down 50 per cent, at 12.5 cents after resuming trade on Monday.
The shares traded at a high of $3.25 high in September before the Victorian government highlighted issues in its subsidiaries.
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