For-Profit School Chain ATI Hits Ch. 7 After Aid Settlement

Law360, Wilmington (January 21, 2014, 7:40 PM EST) -- For-profit school chain ATI Enterprises Inc. filed for Chapter 7 bankruptcy protection Tuesday in Delaware, months after it agreed to pay the U.S. government nearly $4 million to settle claims it inflated job placement figures to maintain eligibility for federal financial aid.

In papers filed in Delaware bankruptcy court, ATI and several affiliates listed debts of between $100 million and $500 million against assets of less than $50,000.

At one time, the ATI family of companies operated more than 20 vocational training colleges in states including Arizona, Florida, New Mexico, Oklahoma and Texas, but the debtor said in its filings that...

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