SANTA ANA, Calif., May 12, 2014 (GLOBE NEWSWIRE) -- Corinthian Colleges, Inc. (Nasdaq:COCO) reported today that it had reached agreement with the lenders in its syndicated credit facility to amend the facility and to waive an event of default. The default had occurred as a result of the deferred tax asset valuation allowance the Company recorded during the quarter ended March 31, 2014.
A description of the amendment and waiver agreements and further background is contained in the Report on Form 10-Q the Company filed earlier today, and a copy of the First Amendment to the Credit Agreement is filed as an exhibit to the Form 10-Q.
Corinthian is one of the largest post-secondary education companies in North America. Our mission is to change students' lives. We offer diploma and degree programs that prepare students for careers in demand or for advancement in their chosen fields. Our program areas include health care, business, criminal justice, transportation technology and maintenance, construction trades and information technology. We have 107 Everest, Heald and WyoTech campuses, and also offer degrees online. For more information, go to http://www.cci.edu.
CONTACT: Investors: Anna Marie Dunlap SVP Investor Relations 714-424-2678 Media: Kent Jenkins VP Public Affairs Communications 202-682-9494
Source:Corinthian Colleges, Inc.