What is going on? Managers resigning, managers leaving, senior management being walked out. I feel like my manager is telling me about a new change every day!
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Main Street Loans (MSLP) cannot be forgiven. South could try to borrow to pay for those loans, but that would be at a higher interest rate. South will have to become more "efficient" by reducing labor costs and leasing costs (increasing class sizes, going to online education, closing campuses). Studio Enterprise is just a contractor for South University. It worked with the Art Institutes until they closed. Not sure that they have any other business.
https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm
https://studioenterprise.com/
So what happens if/when South can’t pay? Would studio acquire the university or ? Does studio work with other schools?
Imagine what happens after the first loan payment in December...and before the second on December 2024...and before the balloon payment in December 2025
Just saw a ground vice chancellor position posted!
What senior managers changed and who was walked out? Very curious.