Career Education will begin a gradual process of discontinuing the operations of its Le Cordon Bleu North American colleges of culinary arts.

The company has executed an amendment to its agreement with its lender, BMO Harris Bank, which extends the terms of the credit agreement to December 31, 2018 and revises certain covenants. The amended agreement provides for a $95 million revolving credit facility which reflects the reduced size of ongoing operations and the long-term operating cost structure of Career Education’s business. The cash collateral requirements of the Credit Agreement remain unchanged.

Todd Nelson, president and CEO, said: “We are pleased that our lender has recognized the success that our restructuring and transformational actions have had on our business and thus has agreed to extend the agreement as well as modify the covenants associated with our lending agreement to reflect our ongoing business.”

Schaumburg, IL-based Career Education’s academic institutions offer education in a variety of disciplines through online, on-ground and hybrid learning programs. Its two universities – American InterContinental University and Colorado Technical University – provide degree programs through the master’s or doctoral level and associate and bachelor’s levels.