Does anyone know how CCi is planning to pay the $100 million in debt maturing this month that the WSJ is referencing? http://www.wsj.com/articles/corinthians-heald-schools-wont-get-california-student-aid-until-april-1424471669?mod=WSJ_hpp_MIDDLENexttoWhatsNewsThird
12 replies (most recent on top)
We are scared that we will lose 3 weeks of hard earned wages like LA Wilshire or Canadian schools.
647: The moment I figured that out was when our landlord brought potential new tenants in to view the building. Silly me, I thought we owned it. We don't own anything, and we don't pay our bills to boot. No assets, just debts. We don't own, we owe.
I second what 481 said. CCi has nothing left. There are no buyers and there has never been serious interest in purchasing Heald or any of the other "left behind" campuses. It was just another rumor started by Jack-Mass to keep you all hopeful and working diligently. If there were any hidden assets, Jack and his cronies have long since extracted them for their own enrichment.
Bake sale!
They will not be able to pay and they have nothing of value to offer in negotiations with BOA. CCI is done.
278 and 309 are probably on the right track. If there is any chance that a buyer exists for Helad and/or other CA schools, the bank will reconfigure the loan and not demand the 100 million on 3/31 since CCI has precious few assets to split up in BK.
100 million from a company that has enough trouble paying its rent?
Heald will close (CCI will be bankrupt) at the end of the month if they can't work something out with B of A.
BofA might decide that they might decide to put it off until Heald is sold, as they will get nothing, and I mean nothing, from CCI in bankruptcy. CCI owns nothing.
287: Beth giving those out? Sounds horrifying, yet the justice of it would be poetic.
Better start packing up your desks suckers!!
New terms, maybe?
Two year furloughs for us all....