The proposed sale of 56 campuses of the for-profit Corinthian Colleges chain to ECMC, a student loan guarantor, has been postponed until next month, Corinthian said in a corporate filing. The deal, which the U.S. Department of Education brokered, had been scheduled to close in January. It was pushed back earlier this month, and now moved to February.
Corinthian said the closing of most of the campuses included in the purchase agreement is now scheduled for February 2. A second closing for the remaining campuses will follow.
"Although the company and the purchaser have made substantial progress towards the satisfaction of conditions to closing," Corinthian said, "and expect to satisfy the remainder soon, not all of such conditions were satisfied in time to conduct an initial closing."
Read more at Inside Higher Ed: https://www.insidehighered.com/quicktakes/2015/01/13/corinthian-sale-postponed