ITT Tech Bankruptcy Chapter 7

Just received a letter from ITT Tech today. They filed Chapter 7.

This included Daniel Webster College.


Regards,
Michael

 

What is the relevant of chapter 7 versus another chapter?

 

Chapter 7 - For a corporation, the object is to sell assets, distribute proceeds in an orderly manner to creditors. No continuing in business. It's over. A Chapter 11 bankruptcy, however, would include a reorganization plan.

Explanation here: Chapter 7 - Bankruptcy Basics | United States Courts

J.

 

Daniel Webster College is in the process of being acquired by Southern New Hampshire University. DWC went from a regionally well known and respected aeronautical school until bought by the ITT collective (for them to get their feet in the RA door, I suspect), then it became just another cookie-cutter for-profit institution that couldn't compete in the market, because they had/have no unique offerings that stand out.

I'd like to see SNHU rehabilitate it, re-institute the flight programs, and let it keep its autonomy. But I think we all know that's not likely to happen.

 

It's nice they are acquiring it. It was brought out in another thread that SNHU were taking the students for teach out. Guess things changed. Good for the students.

 

“Southern New Hampshire University has reached a “teach-out” agreement with ITT Educational Services Inc. allowing it to absorb all of Daniel Webster College’s students and continue running the Nashua school’s programs and operations while retaining most staff and faculty.”

Southern NH University reaches deal to run Daniel Webster College operations - New Hampshire Business Review - September 30 2016

 

The last I heard, they put in a bid for the campus & physical plant. Unless it's an absurd offer, I can't see them not acquiring it, as I don't see much of a demand on the real estate market for a college campus next to an airport in New Hampshire.