http://www.wsj.com/articles/corinthians-heald-schools-wont-get-california-student-aid-until-april-1424471669
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Corinthian stated in public filings that it hasn’t found a buyer for Heald and has $100 million in debt maturing in March, causing the commission to halt payments to protect both Heald students and its funds
The commission’s action will likely terminate Heald’s eligibility at that time.
The compromise was negotiated as an alternative to immediately cutting off payments and potentially harming the approximately 1,700 California state-aid eligible students that are already enrolled in the spring term, while also protecting California taxpayers from continuing to fund an institution that a lawyer for the commission argued wasn’t financially stable and could soon close its doors.