Corinthian Colleges, Inc.
COCO 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."
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