With the DoE's decision does the $385 million dollar line of credit/reserve apply only to the incoming buyer (Apollo Global) or does it apply to current owner (Apollo Education) as well even if the sale does not go through?
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@KKFpUDn-vjw, you are right. It was heads you lose, tails they win for workers. What are Apollo Education executives saying now about possibly losing their golden parachutes?
ok, I did not see that. thank you. It seems either way, there will be some cost cutting.
The acquiring group. See below:
The U.S. Department of Education announced late Wednesday that in order for Apollo Education Group Inc. to be taken private by a consortium led by private-equity firm Apollo Global Management LLC and still be eligible for Title IV federal student-aid funds, the acquiring group would need to post a letter of credit topping $385 million.