Thread regarding Corinthian Colleges Inc. layoffs

It is my understanding

that the schools that are NOT in teach out are in a For Sale Bucket; all of them. Its an all or nothing deal with the exception of those in teach out. A purchaser cannot choose to buy 3 campuses, they would need to purchase Everest in whole. Same for Heald, its all of the Heald Campuses. It is also my understanding that the teach out is 10 months not 2 years. For the Everest Campuses: if not sold (as an entity) within 6 months they will all go into teach out which again is 10 months.

No school can enroll until Tuesday, which leaves Monday for trimming what remaining fat there is. I am guessing Admissions will go to half staff at a minimum and FA to one. They will probably take their pick between the DOA and DSF. Enrollments will continue on Tuesday and you can bet its going to heck for those remaining because they still need the campuses to enroll to be attractive to what buyers might be out there. Class schedules for July start will be trimmed and consolidated.

I doubt the schools will sell; just not attractive for a buyer and I don't know what terms for any new buyer will be - can they buy for inventory or tax write off as a bad investment, etc. If they don't sell looking at another 1.5 year to remain open but after 6 months there will be more cuts.

I am not saying any of this for sure just my take on things. More to come tomorrow with the release of the 8-K document. Good luck to everyone.

by Anonymous18480
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Post ID: @OP+wsmP5Lk
Comment! It's anonymous!

8 replies (most recent on top)

Teach out can be up to 2 years for some campuses. My campus offers Associates, Bachelors, and MBA.

by Anonymous18592
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Post ID: @1koL+wsmP5Lk

18592 you are free to quit at any time.

by Anonymous18514
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Post ID: @1fF3+wsmP5Lk

Are you kidding, working here is fun now. I'm laughing inside all the time.

by Anonymous18495
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Post ID: @1Txn+wsmP5Lk

why do any of us want to further humiliate ourselves by working for this horrendous corporation?

by Anonymous18492
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Post ID: @1G3v+wsmP5Lk

I agree and I did leave out the Chapter 7 option which I believe will happen. Im just saying best case would be 1.5 years if they made it thought the sale months and then went into teach out. As far as the sale, I was just repeating what I heard from someone on a campus around the time of the first MOU. THe OPEID is not something I thought of as I still have in my mind its all one like they were trying to do for a while. I guess more will be known tomorrow with the new 8-K which should give specifics. I like hearing the different thoughts around this instead of just meaningless ramble.

by anonymous18480
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Post ID: @1WGe+wsmP5Lk

Teach out schools won't last 10 months. The company would be foolish to keep open a school with a skeleton staff. And what's the retention rate for graduation? Doing the math, there won't be students left to fill classes. They will likely quietly move students to other campuses or onlin.

by Anonymous18486
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Post ID: @15v6+wsmP5Lk

Generally schools are offered by OPEID groups. Heald has a single OPEID, so you are correct, the Heald schools would be a single buyer, without additional approval, beyond what's already standard, by ED. The Everest campuses could be broken into over 30 pieces. A buyer could pick and choose various OPEIDs. As far as staying open for 1.5 years to teach out, I doubt that. CCi will most likely be long gone before then. Chapter 7 will likely be the road traveled.

by Anonymous18483
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Post ID: @fX6+wsmP5Lk

Interesting thoughts. I think ideally the would sell each brand to one buyer. It would have to be a very large player who buys them though who likely has their own current operation structure. There just aren't that many potential buyers out there for an operation that large. Since Heald and ECP are regional,ly accredited, I suspect the accreditation agencies would not approve acquisition by another large national for-profit. My guess... ECP and Heald are sold separately. Everest is sold to 2-3 regional players waiting to grow and some additional schools will be shutdown. Pure guess on my part.

by Walter
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Post ID: @Lq4+wsmP5Lk

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