PITTSBURGH, Dec. 15, 2014 /PRNewswire/ -- Education Management Corporation ("EDMC" and together with its consolidated subsidiaries, the "Company") announced today that it has extended until 5:00 p.m., New York City time, on December 18, 2014 the expiration date (such date and time, as the same may be further extended, the "New Expiration Date") for its previously announced private offer to exchange (the "Exchange Offer") all outstanding Senior Cash Pay/PIK Notes due 2018 and Senior PIK Toggle Notes due 2018 issued by certain of its subsidiaries (collectively, the "Notes") for a combination of mandatory convertible preferred stock of EDMC and warrants to purchase common stock of EDMC. The Exchange Offer is being conducted in furtherance of the Company's previously announced financial restructuring (the "Restructuring"). The expiration date for the Exchange Offer had previously been 5:00 p.m., New York City time, on December 15, 2014.
By Stephanie Gleason
An attempt by two hedge funds to halt Education Management Corp.'s (EDMC) restructuring was denied on Monday, but the ruling isn't completely favorable for the for-profit education company, the company said.
The denial helps Education Management's effort to restructure by allowing it to proceed, but the company said in a press release Tuesday that Judge Katherine Polk Failla of the U.S. District Court in Manhattan also "concluded on a preliminary basis that the plaintiffs are likely to succeed on the claim they have asserted under the Trust Indenture Act."
The full text of Judge Failla's decision was filed under seal. A redacted version is expected to be made public after Dec. 29.
Keep kickin..... it's the only thing keeping you folks afloat