Yesterday I posted information and a few thoughts regarding recent developments affecting proprietary schools. That post included information regarding Corinthian Colleges and its developing situation with the U.S. Department of Education.
As an update to yesterday's post, Corinthian announced in a press release earlier today that it had reached a memorandum of understanding with the Department. This agreement will allow Corinthian to maintain uninterrupted operations at its schools until the company and the Department finalize a more detailed transition plan. Corinthian stated that it will be able to proceed with its plan to pursue strategic alternatives for its operations, including the sale and teach-out of schools in a manner that will best protect the interests of students, faculty and staff.
The Department and Corinthian agreed to finalize the transition plan by Tuesday, July 1, 2014. It will be interesting to see how this situation develops over the next week and beyond July 1.
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