CCI is out of money, and now its ability to recruit and re-enroll students has been severely impacted as student financing is a new problem. Revenues are going to drop precipitously as a result of the CFPB lawsuit and inevitable near term regulatory and court injunctions and restrictions imposed.
CCI also faces the possibility of losing Title IV funding from ED.
And CCI, by not meeting its Public Company reporting requirements by the end of this month, faces a whole new set of loan covenant and Operating Agreement violations. END OF THIS MONTH. Expect a huge new set of horrible news in this regard in just 2 weeks!
In light of all of the above pending nightmares, BK can come at any time. COCO has the furlough going in October, and maybe there is a plan to at least float the boat until October, but I am not counting on it seeing how fast and hard the cards are falling.