Corinthian Colleges Comments on Appointment of Fitzgerald as Monitor Under Operating Agreement With the Department of Educati...
21 Juillet 2014 - 1:45PM
Corinthian Colleges, Inc. (Nasdaq:COCO) confirmed today that the
Department of Education (ED) has selected Patrick Fitzgerald of
Skadden, Arps, Slate, Meagher & Flom LLP to fill the monitor
role under its Operating Agreement with the Department. During
discussions with the Department in late June regarding a memorandum
of understanding, Corinthian proposed the appointment of an
independent monitor to oversee and validate the Company's
compliance with the Operating Agreement and certain other aspects
of the Company's business. The Company agreed to pay all costs
associated with the monitor.
"We welcome Mr. Fitzgerald and his team," said Jack Massimino,
Corinthian's Chairman and Chief Executive Officer. "They will have
the complete cooperation of the company. We look forward to
providing full access to the data and personnel necessary to
demonstrate our commitment to student success and regulatory
compliance. We proposed the appointment of an independent Monitor
when it became clear that an intermediary with a reputation for
integrity and independence would enhance communications between the
company and the Department. We believe the Department has made an
excellent choice."
"We also look forward to showing Mr. Fitzgerald and his team our
campuses, where they can meet students and see firsthand the
dedication of our faculty and staff to meeting our students'
educational needs," Massimino continued. "Working with the
Department and the Monitor, we hope to achieve the very best
possible outcome for our students, employees, and other
stakeholders during this period of transition."
For more detail about the operating agreement, see the company's
July 7, 2014 Form 8-K filing with the Securities and Exchange
Commission. For additional facts about the Department of
Education's request for documents and our response, click here.
Certain statements in this press release may be deemed to be
forward-looking statements under the Private Securities Litigation
Reform Act of 1995. The company intends that all such statements be
subject to the "safe-harbor" provisions of that Act. Such
statements include, but are not limited to, those regarding our
expectations regarding the role of the monitor in overseeing the
implementation of the Operating Agreement and transition plan. Many
factors may cause Corinthian's actual results to differ materially
from those discussed in any such forward-looking statements or
elsewhere, including: Corinthian's ability to identify new owners
for its campuses and to enter into agreements with any such new
owners on terms acceptable to the company, if at all; possible
inability to obtain needed liquidity through new financings,
additional cost reductions, accelerated asset sales or some
combination thereof to continue operating in the ordinary course;
the company's possible inability to comply with the terms of the
Operating Agreement; the company's effectiveness in its regulatory
and accreditation compliance efforts; the outcome of ongoing
reviews and inquiries by accrediting, state and federal agencies,
including the Department of Education, various attorneys general,
and the Consumer Financial Protection Bureau (CFPB); the outcome of
pending litigation against the company, including the civil
complaints filed by the California and Massachusetts Attorneys
General; the uncertainty of counterparty decisions in the context
of our credit agreement and trade creditors; and the other risks
and uncertainties described in the company's filings with the U.S.
Securities and Exchange Commission. The company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
CONTACT: Investors:
Anna Marie Dunlap
SVP Investor Relations
714-424-2678
Media:
Kent Jenkins Jr.
VP Public Affairs Communications
(202) 682-9494
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