Everest College Files For Bankruptcy
Friday February 20th, 2015
Posted at 8:25pm
Hello time traveller!!
This article is 1247 days old.
The information listed below is likely outdated and has been preserved for archival purposes.
A day after their licence was suspended by the Ontario Ministry of Training, Colleges and Universities, Everest Colleges Canada, Inc. has filed an assignment in bankruptcy under the Bankruptcy & Insolvency Act.
Duff & Phelps Canada Restructuring Inc. will serve as the trustee in bankruptcy for the administration and management of the case.
“We are extremely disappointed that the Ministry has taken these abrupt actions,” said company CEO Jack Massimino. “Our Canadian subsidiary had been working with the Ministry for an extended period of time with the goal of achieving a satisfactory outcome for students, employees and other stakeholders in Canada.”
At the time of the closings, the colleges had approximately 2,450 students and 450 employees.
Minister of Training, Colleges and Universities Reza Moridi says they have been working around the clock to help out affected students and staff.
“The Ministry of Training, Colleges and Universities’ most important priority continues to be providing information and assistance to impacted students and staff at all 14 Everest College campuses across Ontario,” said Moridi. “I know that this has been a very difficult time for those directly affected by this situation and we are working extremely hard to ensure as smooth a transition as possible. To that end, I am happy to report that Ministry staff were on site at all fourteen Everest College campuses across Ontario, and were able to provide information and guidance to more than two thousand affected students. Our outreach efforts will continue throughout the weekend and into next week.”
Since the suspension occurred, Moridi said that the Superintendent of Private Career Colleges has been working diligently to put training completion plans into place for students. While this is still a challenging situation for students, Everest’s bankruptcy does not change these ongoing efforts, nor does it change the Superintendent’s ability to administer the $3 million for the benefit of Everest’s former students through the Training Completion Assurance Fund, Moridi said.
Over the next few days, the Superintendent, supported by Ministry staff, say they will work to assess student access to training completion opportunities or refunds, depending on student choice.
The government says they are also committed to helping displaced workers and affected communities get back on their feet as soon as possible. Employment Ontario will be available to assist displaced staff in navigating supports available through Employment Ontario and other agencies.
Affected students are encouraged to assemble and maintain detailed records regarding their progress in their program, and any payments they may have made to Everest College in relation to that program.