Corinthian Colleges approved to use cash collateral until Aug. 28

By Mark Reccek

Bethlehem, Pa., Aug. 6 – Corinthian Colleges, Inc.’s use of the cash collateral of its pre-bankruptcy lender Everest Colleges Canada, Inc. was extended until Aug. 28, according to an order issued Wednesday from the U.S. Bankruptcy Court for the District of Delaware.

Everest Colleges is a non-debtor affiliate of Corinthian.

Corinthian Colleges previously sought approval of a collateral order to fund its operations while in bankruptcy and permit it to sell its assets and continue to wind down its estates.

Corinthian Colleges, a Santa Ana, Calif.-based post-secondary education company, filed for bankruptcy on May 4. The Chapter 11 case number is 15-10952.

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