Things are moving forward with Dream Center deal...as announced this week by a company email from the CEO of EDMC
From EDMC President and Chief Executive Officer:
We continue to proceed in earnest towards closing the sale of substantially all of EDMC’s assets to subsidiaries of Dream Center Foundation. We are largely on pace to complete the sale and transition operations within our expected timeframe of sometime late this summer (November for the four Ai HLC schools). Much work has been completed, but even more remains.
Legal Update: We are working through material closing conditions, including the receipt of consents from landlords and vendors on leases and material contracts being transferred. We have obtained consents to the transaction from parties to our senior credit facility and shareholders of EDMC.
Regulatory Update: Thanks to tremendous efforts of our regulatory team, we are currently on track from an accreditation and state regulatory standpoint. Accreditors require very detailed applications, as do some states. Once all applications are submitted, we will wait for decisions, which we expect in the June/July timeframe (November for the four Ai HLC schools). We continue to provide information and respond to requests from the U.S. Department of Education in connection with its process to review the transaction.
People Update: DCF has been and will continue making many decisions that will drive our direction going forward. Their first decision was to hire EDMC’s former corporate controller and treasurer, Jim Terrell, as the Chief Financial Officer of the new entity, Dream Center Education Holdings. Initially, his primary role is to drive the transition, working with Randy Barton and CEO Brent Richardson. Kim Strohm, VP and Chief Privacy Officer, is leading EDMC’s transition planning effort working with all of the Corporate departments on the project plan.