The reason for the refinance of loan tesilting in an additional $125ML more debt is due to major loses in the past 6 months
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More havoc to come on Navitas this year. Last year was dreadful. Thus year they are going to get hit worse
I can't see how a company would first have hiring freezes, secondly experience a missed enrollment budget (SAE schools in the US Oct starts), do a round of massive layoffs (Nov) and then refinance a loan(s) in the attempt to grow. And this is not to mention the visa fraud which Navitas lost in the Aussie schools. Putting all this together how could you really think Navitas which owns SAE is in good standing right now? Please help me understand the logic
THis is the article that shows that Navitas had already shown a 31% profit loss since the year before: http://www.marketwatch.com/story/navitas-net-profit-falls-31-as-key-deal-ends-2014-07-27
This is very interesting insight. Putting two and two together. I really like SAE. I think all of us do here, but we are just fed up with the corporate managers. I do hope that Navitas is not using loans to cover up their financial stress. That's disturbing.
oh ok that explains what they were talking about then. thanks
I think Kian was a typo and meant loan. I looked up Macquarie. It's a large University system in Sydney Australia
what is Macquarie ?
What's a Kian?
Navitas refinanced the loan because they had to make up for the losses in the past 6 months.
http://www.businessnews.com.au/article/Navitas-growth-slows-as-visa-fraud-tackled
http://www.smh.com.au/business/navitas-shares-plunge-32-per-cent-after-macquarie-university-contract-loss-20140709-zt13k.html