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Stock Market & Financial Investment News

News Breaks
February 11, 2013
07:37 EDTEDMCEducation Management unit received investigative demand from Massachusetts AG
Education Management disclosed late Friday in a regulatory filing that its New England Institute of Art received a civil investigative demand from the Commonwealth of Massachusetts Attorney General in January 2013. The demand requests information for the period from January 1, 2010 to the present pursuant to an investigation of practices by the school in connection with marketing and advertising job placement and student outcomes, the recruitment of students and the financing of education. The company said it previously responded to a similar request that The New England Institute of Art received in June 2007 and that it intends to cooperate with the Attorney General in connection with their investigations.
News For EDMC From The Last 14 Days
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August 29, 2014
09:10 EDTEDMCKKR in deal to be among largest Education Management stakeholders, NY Post says
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August 27, 2014
10:13 EDTEDMCHigh option volume stocks
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08:39 EDTEDMCEducation Management reaches agreement in principle on debt restructuring
Education Management announced it has reached agreement in principle regarding a financial restructuring with holders of more than 80% of its secured and unsecured financial indebtedness. The company's Board of Directors has approved the restructuring. The company is seeking support for its restructuring plan from the remaining lenders and bondholders. The proposed restructuring will reduce the company's funded debt by approximately $1.1B, providing for the exchange of approximately $1.5B of outstanding debt as of June 30 for $400M of new debt, preferred equity interests that would be convertible into common shares and warrants for the purchase of common shares. The company's existing shareholders would retain 4% of the outstanding common stock after giving effect to the conversion of the new preferred stock and receive warrants to purchase an additional 5% of the common stock. The comprehensive, multi-step restructuring remains subject to applicable regulatory approvals and a shareholder vote, which the company expects to complete in 2015. Pending consummation of the restructuring, the company will enter into an amendment to its senior credit facility to waive all financial covenants through June 30, 2015, substantially decrease cash interest expense and require no principal amortization payments through June 30, 2015, and extend the maturity of the revolving credit facility through July 2, 2015.
August 24, 2014
21:23 EDTEDMCLender group set to offer EDMC revised debt package, NY Post says
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