The Chronicle of Higher Education. May 6, 2014.
The for-profit-college company said in a corporate filing on Tuesday that it was out of compliance with the terms of some bank-debt covenants and was expecting to receive a waiver from its lenders. Corinthian said third-quarter results were below its own expectations for revenue, new-student enrollment, and earnings per share.
Jack Massimino, Corinthian’s chief executive officer, said in a written statement that “in light of current market and regulatory conditions,” its board had hired an investment bank “to help the company explore strategic alternatives and enhance shareholder value.”