For-Profit Colleges Unlikely To See Ch. 11 Fix Soon
Law360, New York (October 9, 2014, 8:10 PM EDT) -- With for-profit college operators all but barred from reorganizing under Chapter 11, the battered industry has seen a rash of disruptive breakups expected to continue without a bankruptcy solution that Congress appears unwilling to provide.
Facing stiff economic headwinds and intense scrutiny from regulators, several for-profit college operators have been forced to liquidate or wind down outside of court in recent months because of a federal statute that forever revokes an operator's eligibility for federal student aid after a bankruptcy petition. Losing student aid is a death sentence for these institutions, which rely on Uncle Sam for a huge percentage of...
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