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Stock Market & Financial Investment News

News Breaks
June 19, 2014
12:10 EDTCOCOCorinthian Colleges warns on ability to continue as going concern
Corinthian Colleges disclosed in a regulatory filing earlier that on June 12 the company received a letter from the U.S. Department of Education that requires the company to provide additional information to the department and informed the company that it has transferred all company schools from Advance Payment to Heightened Cash Monitoring 1, effective immediately. The company said, "In the ordinary course such funds are available for drawdown by the company within 24 to 72 hours of the request. However, ED has imposed an additional stipulation delaying drawdown of the requested funds for a period of 21 days. ED’s transfer of the company’s schools from the Advance Payment method to HCM1 status, plus the imposition of the 21-day waiting period before drawing down funds, will adversely affect the timing of the company’s operating cash flows and is expected to result in a significant shortfall in the company’s operating cash flows. The company is seeking relief from ED for the 21-day waiting period required by the June Letter, but has been unsuccessful to date in its efforts to obtain such relief. If such relief is not provided, the company’s existing cash balances will be insufficient to sustain it through this transition period, and therefore the company would need to immediately obtain other sources of liquidity, which may not be available. The company has engaged in discussions with its credit facility lenders in order to obtain financing to bridge the shortfall in operating cash flows during this transition period, but the lenders have indicated they will not provide any such financing. If the company is unable to timely obtain alternate financing, the company’s cash flows will not be sufficient to meet its obligations as they become due, which would cause the company to be unable to continue as a going concern."
News For COCO From The Last 14 Days
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April 26, 2015
15:32 EDTCOCOCorinthian Colleges ceases effectively all operations
Corinthian Colleges announced that the company has ceased substantially all operations and discontinued instruction at its remaining 28 ground campuses. The company is working with other schools to provide continuing educational opportunities for its approximately 16,000 students. Corinthian said those efforts depend to a great degree on cooperation with partnering institutions and regulatory authorities. Campuses closed include the 13 remaining Everest and WyoTech campuses in California, Everest College Phoenix and Everest Online Tempe in Arizona, the Everest Institute in New York, and Heald College -- including its 10 locations in California, one in Hawaii and one in Oregon. Additionally, Zenith Education has recently advised Corinthian that it will not consummate the purchase of Everest College Phoenix, and the closing conditions have not been satisfied for Everest Institute Rochester. Also, the company had been in advanced negotiations with several parties to both sell Heald College and to arrange for teach-out partners to allow its Everest College and WyoTech students in California to continue their education. The company said these efforts were unsuccessful largely as a result of federal and state regulators seeking to impose financial penalties and conditions on buyers and teach-out partners.
April 15, 2015
05:55 EDTCOCOCorinthian Colleges fined $30M for 'misrepresentation' by U.S. DOE
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