Corinthian to Sell Half Its Schools to Loan Servicer ECMC
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Corinthian Colleges Inc., the for-profit career schools operator preparing to shut down, agreed to sell about half its 107 campuses to student-loan servicing company Educational Credit Management Corp. for $24 million.
Corinthian, which had a peak market value of $3 billion in 2004, will sell 56 schools under its Everest and WyoTech brands, the Santa Ana, California-based company said today in a statement. The sale to nonprofit ECMC will affect 39,000 students.