Tuesday, June 24, 2014

Sharing article June 24 2014

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.”

What are your thoughts?

Dr Flavius A B Akerele III

The ETeam

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