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July 4, 2014
08:05 EDTCOCOCorinthian Colleges signs operating agreement with Department of Education
Corinthian Colleges announced that it has signed an operating agreement with the U.S. Department of Education that establishes a transition plan for its 107 campuses and online programs, and allows its students to complete their educational programs. ED has also provided for an immediate drawdown of Title IV funds for currently enrolled students and a mechanism for continued funding while the agreement is in place. The operating agreement is consistent with the Memorandum of Understanding announced by the Department and Corinthian on June 23. Under the terms of the agreement, Corinthian will put 85 of its U.S. schools up for sale, and "teach out" operations at 12 other schools. Corinthian agreed to work toward signing definitive agreements for campus sales in approximately six months. Separately, the company will also begin a sales process for its Canadian schools. ED will also appoint an independent compliance and business Monitor who will serve as the primary liaison between Corinthian and ED. Corinthian has agreed to suspend enrollment of new students until July 8, when ED and Corinthian plan to have the Monitor in place.
News For COCO From The Last 14 Days
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October 16, 2014
17:30 EDTCOCOCorinthian Colleges enters into Forbearance and Consent Agreement
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October 15, 2014
07:07 EDTCOCOFor profit education positive catalysts outweigh negative, says Wells Fargo
Wells Fargo expects for-profit education stocks to benefit from improved hiring trends and a sale by Corinthian of its assets that, according t othe firm ,would set a valuation floor for the sector. The firm continues to believe that the final gainful employment rule will be neutral to positive for the group. Wells favors the option value on the long side for the sector. Publicly traded companies in the space include American Public Education (APEI), Apollo Education (APOL), Bridgepoint Education (BPI), Career Education (CECO), Corinthian Colleges (COCO), DeVry (DV), Grand Canyon (LOPE), ITT Educational (ESI) and Strayer (STRA).

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