Corinthian Colleges Files for Bankruptcy

Corinthian Colleges Inc, the for-profit college operator hamstrung by federal and state investigations, filed for bankruptcy in Delaware on Monday, about a week after announcing it would shutter its remaining campuses and cease operations.
Santa Ana, Calif.-based Corinthian listed debts of more than $143 million and assets of just $19.2 million, saying in court papers the bankruptcy would help it "complete the orderly wind-down of its operations."
Corinthian was in hot water for allegedly misleading students and investors about its finances and job placement rates.