This is a big player in the higher education market.
“Corinthian's
Phasing-Out”
“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
The ETeam
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