Weekly Market Update

EDUCATION CORPORATION OF AMERICA ANNOUNCES CLOSURE

Thursday, December 6, 2018

On Wednesday, Education Corporation of America ("ECA"), one of the country's largest for-profit college operators with 75 locations and over 20,000 students, announced the closure of all campuses. The chain has been struggling for months financially -- enrollment had been declining over the years, and it reported nearly $50 million in debt to unsecured creditors in October. The U.S. Department of Education, which has been working with ECA to help students attending those schools that were previously scheduled for closure, also plans to work with the institution to assist students in transferring their credits elsewhere or applying for loan forgiveness.

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