Education Management Corporation, a large, publicly traded for-profit chain, announced on Wednesday that it had brokered a financial restructuring agreement with creditors that own 80 percent of the company's debt. In a written statement the company said the restructuring would reduce its funded debt by an estimated $1.1 billion.
- For-profit chain leaves the stock market to save money on public disclosures
- For-profit chains announce a new wave of closures and sell-offs
- Education Department reviews its monitoring of large for-profits in wake of Corinthian collapse
- As for-profit education sector faces financial woes and greater regulatory scrutiny, banks gain influence over colleges
- Corinthian's failure (and U.S. role in it) fuels for-profit critics
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