On May 4, 2015, one of the largest for-profit post-secondary education companies in the United States and Canada, Corinthian Colleges, Inc., and 24 of its affiliates, filed voluntary chapter 11 petitions
in the Bankruptcy Court for the District of Delaware. The cases are docketed as case no. 15-10952 and have been assigned to the Honorable Kevin J. Carey. The petition lists assets of approximately $19.2 million and liabilities of $143.1 million.
In support of the petitions, the Debtors filed the Declaration of William J. Nolan
, the Chief Restructuring Officer of the Debtors and a Senior Managing Director with FTI Consulting, Inc. According to the Nolan Declaration, as of March 31, 2015, the Debtors had over 100 campuses, 74,000 students and 10,000 employees. The Nolan Declaration states that in addition to approximately $105 million of outstanding obligations under their prepetition secured credit agreement, the Debtors have another $100 million of unsecured debt owing to landlords, trade creditors, lessors, employees and students, as well as regulatory refunds, fines and penalties.