| Title | Update: Corinthian Colleges Will Sell Half its Campuses to Nonprofit Loan Servicer | |
| Date | Friday November 28 2014, @09:50AM | |
| Author | LaminatorX | |
| Topic | ||
| from the fine-Corinthian-education dept. | ||
Under close scrutiny from the US Department of Education for fraudulent and conspiratorial practices, the for-profit chain of career colleges, previously valued at $3.4B, has sold 56 of its 107 properties for $24M.
Inside Higher Ed reports
The ECMC Group [(Educational Credit Management Corporation)], a nonprofit organization that runs one of the largest studSent-loan guaranty agencies, announced [November 20] that it will purchase 56 campuses from Corinthian Colleges, a crumbling, controversial for-profit chain.
ECMC will create a nonprofit subsidiary, called the Zenith Education Group, to run the campuses, which enroll more than 39,000 students. The sale price is $24 million, according to a corporate filing from Corinthian. After having absorbed more than half of Corinthian's enrollment and assets, Zenith will operate the nation's largest chain of nonprofit career-oriented campuses.
Corinthian's Everest, Heald, and Wyotech chains include 107 campuses, which in July enrolled 72,000 students and employed 12,000. The company has been attempting to sell 85 U.S. and 10 Canadian locations while gradually closing 12 campuses.
Corinthian has also run afoul of Nasdaq rules again.
Related:
Federal Crackdown On For-Profit Colleges Claims Its First Victory
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printed from SoylentNews, Update: Corinthian Colleges Will Sell Half its Campuses to Nonprofit Loan Servicer on 2024-04-25 12:03:35