"SANTA ANA, Calif., May 12, 2014 (GLOBE NEWSWIRE) -- Corinthian Colleges, Inc. (COCO) reported today that it had reached agreement with the lenders in its syndicated credit facility to amend the facility and to waive an event of default. The default had occurred as a result of the deferred tax asset valuation allowance the Company recorded during the quarter ended March 31, 2014."
4 replies (most recent on top)
Cci belongs in the shitter swirling...... Over a dollar now that's funny.
... and now COCO is back up over a dollar, where it belongs. Happy days are here again! Is Parthenon back on???
It means they have a little more time--no immediate bankruptcy. But the terms of the "waiver" are not that advantageous to CCi. CCi must come up with some quick cash, otherwise there will be another default event. And the Dept. of Ed Financial Responsibility score is going to be another default, or so CCi suggests.
What does that mean?