Corinthian Colleges, Inc., a large for-profit post-secondary education company, with more than 100 campuses across North America, offered career-oriented diploma and degree programs. Corinthian Colleges faced numerous investigations and lawsuits, at the state and federal levels, based on accusations of unfair recruitment practices and deceptive advertising tactics. The U.S. Department of Education and Corinthian Colleges reached an agreement to execute a controlled shut down of 12 U.S. schools and a sale of 85 other schools. Shortly after announcing closure plans, a non-profit acquirer took ownership of more than half of Corinthian Colleges’ campuses and the company filed for bankruptcy.
Carl Marks Advisors was engaged as a strategic and financial advisor because of our deep subject matter expertise in the for-profit education sector, unmatched knowledge of college operations and experience working on matters that involved the U.S. Department of Education and accreditors.