Daily News: September 19, 2016

ITT Educational Services Files Chapter 7, Owes Cerberus $34.5MM


Bloomberg reported that ITT Educational Services began liquidation proceedings in an Indianapolis bankruptcy court after shutting down operations at 136 schools.

In addition, Bloomberg said a unit of Cerberus Capital Management demanded immediate repayment of a $34.5 million loan after telling ITT it was in default on a senior secured loan.

Bloomberg noted that ITT’s closure is one of the largest college terminations in U.S. history.