Corinthian Colleges Issues Comment on Appointment of Fitzgerald as Monitor in Deal with DoE

Corinthian Colleges, Inc.

confirmed today that the Department of Education (ED) has selected Patrick Fitzgerald of Skadden, Arps, Slate, Meagher & Flom LLP to fill the monitor role under its Operating Agreement with the Department. During discussions with the Department in late June regarding a memorandum of understanding, Corinthian proposed the appointment of an independent monitor to oversee and validate the Company's compliance with the Operating Agreement and certain other aspects of the Company's business. The Company agreed to pay all costs associated with the monitor. "We welcome Mr. Fitzgerald and his team," said Jack Massimino, Corinthian's Chairman and Chief Executive Officer. "They will have the complete cooperation of the company. We look forward to providing full access to the data and personnel necessary to demonstrate our commitment to student success and regulatory compliance. We proposed the appointment of an independent Monitor when it became clear that an intermediary with a reputation for integrity and independence would enhance communications between the company and the Department. We believe the Department has made an excellent choice." "We also look forward to showing Mr. Fitzgerald and his team our campuses, where they can meet students and see firsthand the dedication of our faculty and staff to meeting our students' educational needs," Massimino continued. "Working with the Department and the Monitor, we hope to achieve the very best possible outcome for our students, employees, and other stakeholders during this period of transition."