Education Management LLC's (EDMC) Debt Restructuring is Credit-Negative Event - Moody's
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Education Management (EDMC) Units Commence Consent Solicitation to Amend Notes Indenture
August 28, 2014 6:26 AM EDTEducation Management LLC and Education Management Finance Corp., each indirect wholly-owned subsidiaries of Education Management Corporation (Nasdaq: EDMC), announced that they have commenced a solicitation of consents (the "Consent Solicitation") to amend the indenture governing their Senior Cash Pay/PIK Notes Due 2018.
The Consent Solicitation is being made in accordance with the terms and subject to the conditions stated in the Consent Solicitation Statement, dated August 27, 2014 (the "Consent Solicitation Statement") and the related Master Consent (the "Master Consent" and together with the Consent Solicitation Statement, the "Consent Solicitation Documents"), to... More
Education Management (EDMC) Reaches Agreement with Debt Holders Over Financial Restructuring
August 27, 2014 8:40 AM EDTEducation Management (Nasdaq: EDMC) announced it has reached agreement in principle regarding a financial restructuring with holders of more than 80 percent of its secured and unsecured financial indebtedness. The company's Board of Directors has approved the restructuring.
"We believe this plan, which will convert a significant portion of our debt into equity and result in a vastly improved capital structure with lower interest expense and extended maturities, is in the best interests of all stakeholders, most... More
