It seems that they will bring a professional in to oversee if the organization can continue to run and be eligible for Federal Aid. If the receiver deems that this is not the case, aid will be pulled and I assume the schools will close like Virginia College.
Here is the link: https://getoutofdebt.org/115673/education-corporation-america-now-run-court-appointed-receiver
We're all attempting to make sense of the situation and decipher the jargon on our own. Regardless of your position on the school there ARE good people here that have their livelihoods to consider. It looks like Virginia College lasted from "early fall to mid-December" under receivership. This should give reasonable time for us to make arrangements to transition. Whether its stay and support our students and ourselves to the end or to find employment elsewhere. Regardless for all parties involved this will be a major blow. I hope that those who do have further information, share it in the interest of preserving what little control we still have left over our professional lives.
Honesty, transparency and guidance are the only solace we have left for students and staff alike.
I wish everyone the best.