Happy New Year!
As we begin the New Year, I’d like to take a moment to thank each of you for your dedication to CCi during the most challenging time in the company’s history. With your help, we have kept our schools going and provided students with the opportunity to finish their educational programs.
We continue to work toward closing the sale of 56 of our schools to ECMC Group. Our purchase agreement with ECMC allows us to complete the transaction in phases. We now expect an initial closing for most of the schools as early as January 12 but no later than February 5, 2015. (Previously, we had anticipated having the initial close today, but several regulatory officials were on holiday in December and thus unavailable to review and approve the sales documents.) For the remaining schools – Everest College Phoenix and Everest Rochester – we expect to obtain all required regulatory consents by early March and have a second close at that time.
Aside from the ECMC transaction, we also continue to have discussions with prospective buyers for our remaining schools – Heald College, the California Everest and WyoTech schools, and the Canadian schools. Our goal is to complete the sales process as soon as possible, and we will continue to keep you informed about our progress. In the meantime, the Department of Education and the Ontario Ministry of Training continue to provide funding for our U.S. and Canadian schools until the sales processes can be completed.
Thank you for keeping our students focused on their educational programs and successful careers and better lives in 2015.