Brief: Zovio Outlines Response From The U.S. Department Of Education Regarding Proposed Change In Ownership Of Ashford University

Zovio

07/10/2019 12:54

Oct 7 (Reuters) - Zovio Inc  ZVO.O :
    * ZOVIO OUTLINES RESPONSE FROM THE U.S. DEPARTMENT OF
EDUCATION
REGARDING PROPOSED CHANGE IN OWNERSHIP OF ASHFORD UNIVERSITY
    * ZOVIO - ASKED DEPARTMENT TO CONDUCT ABBREVIATED
PREACQUISITION
REVIEW OF PROPOSED CHANGE IN OWNERSHIP OF ASHFORD & ITS
CONVERSION TO NONPROFIT STATUS
    * ZOVIO INC - CONTINUES TO EVALUATE POTENTIAL COURSES OF
ACTION,
WHICH INCLUDES POSSIBLE SALE OF ASHFORD TO OTHER INSTITUTIONS
    * ZOVIO - DEPARTMENT REQUIRES ASHFORD TO POST IRREVOCABLE
LETTER
OF CREDIT FOR ABOUT 25 PERCENT OF TITLE IV FUNDING AMOUNT DURING
FISCAL YEAR 2018
    * ZOVIO - LETTER OF CREDIT WOULD EXPIRE ON MARCH 31, 2021,
UNLESS
EXTENDED OR REPLACED AS DETERMINED BY DEPARTMENT

Source text for Eikon:  ID:nPnccb7Jxa 
Further company coverage:  ZVO.O 

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