Everest Colleges Canada, Inc. Files for Canadian Bankruptcy Protection Following Ontario Ministry Closures
Filing Has No Impact on Corinthian Operations in United States
SANTA ANA, CALIFORNIA – February 20, 2015 -- (GLOBE NEWSWIRE) – Corinthian Colleges, Inc. (NASDAQ OTC PINK:COCO) today announced that its indirect, wholly-owned subsidiary, Everest Colleges Canada, Inc. (Everest Canada), a private career college corporation, has filed an assignment in bankruptcy under the Bankruptcy & Insolvency Act, R.S.C., 1985, c. B-3 (BIA). Duff & Phelps Canada Restructuring Inc. will serve as the trustee in bankruptcy for the administration and management of the case. The filing has no impact on the U.S. operations of Corinthian.
Today’s assignment into bankruptcy was necessitated by the closure of Everest Canada’s 14 campuses across Ontario by the Ontario Ministry of Training, Colleges and Universities (Ministry), which provides regulatory oversight over the colleges. At the time of the closings, the colleges had approximately 2,450 students and 450 employees.
“We are extremely disappointed that the Ministry has taken these abrupt actions. Our Canadian subsidiary had been working with the Ministry for an extended period of time with the goal of achieving a satisfactory outcome for students, employees and other stakeholders in Canada,” stated Jack Massimino, Chairman and CEO of Corinthian.
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