The agreement allows:
1) to meet financial obligations, in particular pay salaries
2) to continue with the normal course of operation , in particular lessons and enrolment
3) to preserve the schools value, while finalizing a dismission plan
4) finally oust this inept management.
CCi and Dept. of Ed sign agreement 6/22/2014 Corporate Communications As I shared with you on Saturday and Sunday, we have been in continuous discussions with officials at the Department of Education (ED) over the past few days. Late yesterday, we reached an agreement in principle that allows us to maintain uninterrupted operations at our schools (ground and online) until a more detailed plan can be finalized by July 1. The agreement allows the release of $16 million in Title IV funds, which will allow our faculty and staff to receive their paychecks on schedule and allow our students to continue their programs as planned. We continue to operate under a 21-day funding delay from ED until a more detailed transition plan can be finalized. In addition, we are working diligently to complete the document production related to ED’s request-for-information from last January. We will continue to seek new owners for most of our campuses with the goal of entering into sales agreements within six months. As we do so, we will continue to preserve the value of the schools, including enrolling new students at most campuses. We will “teach out” under-performing schools, which means that we will not enroll new students but will allow current students to complete their programs or transfer to a comparable institution. Finally, we will retain a monitor, to be approved by the Department of Education, to serve as the government’s main representative during the implementation of the transition plan. Thank you for sticking with CCi through these difficult circumstances. This remains a fluid situation, and there are many more details to address as we move forward.