so what i'm reading is that if CCI does not secure a written consent from the banks (no idea as to what this written consent entails) by 9/25, then title 4 funding will be suspended.
5 replies (most recent on top)
39018: easier said than done. if it's something so simple, then it wouldn't have become a big deal. if banks "will have to consent to it" like you state, then why is CCI having a hard time obtaining this and why is there even a deadline? i sure am getting tired of these pesky scumbag management crew feeding lies.
CCi and DOE changed the Operating Agreement. The change breaches the terms of CCi's loans, so banks will have to consent to it.
It may mean they want a bank to act as an escrow agent. I've seen that before in these negotiations. It might not mean securing credit, which CCi couldn't do.
Here is the URL: http://www.bloomberg.com/news/2014-09-19/corinthian-colleges-faces-further-criminal-investigations.html
google search: bloomberg report corinthian colleges
Do you have a link to the story?