This is a big player in the higher education market.
“Corinthian Colleges announced on Monday that it had reached an agreement with the U.S. Department of Education that is designed to keep the for-profit chain afloat long enough to sell off and shutter its campuses in an orderly fashion.”
“The struggling Corinthian faces a dire cash shortage, due in part to a decision by the feds last week to put a 21-day hold on payments for federal financial aid and grants. While the hold remains in place, the department agreed to release $16 million in immediate payments. That was the minimal amount necessary to keep Corinthian from going bankrupt this week, according to a corporate filing.”
“The department said it struck the deal to prevent the company’s “immediate closure” and the resulting disruption to students and employees, according to a written statement.”
Read it all here: http://www.insidehighered.com/news/2014/06/24/profit-chain-works-feds-phase-out-plan#sthash.fHGx8ZVp.dpbs
What are your thoughts?
Dr Flavius A B Akerele III