April 24, 2016 |
Cabrini College, in Radnor, obtained a waiver of certain agreements with its bondholders after having failed in the year ended June 30 to meet a profitability requirement relative to the amount of money needed to make debt its payments. The school, which enrolled 2,253 in the current academic year, according to a report to bondholders, lost $8.4 million on operations in fisal 2015, up from a loss of $6.3 million the year before. It was the third consecutive year of operating losses.
November 19, 2015 |
The Art Institute of Philadelphia is among a network of for-profit colleges nationwide that will forgive nearly $103 million in student loans under a multistate settlement of complaints that the company used high-pressure tactics to enroll unqualified students. In Pennsylvania, 2,683 students stand to benefit from a total of more than $4 million in debt relief, said Pennsylvania Attorney General Kathleen G. Kane, whose office noted that 39 state attorneys general joined the settlement with Pittsburgh-based Education Management Corp., which enrolls more than 100,000 students online and at 110 locations in 32 states and Canada.
October 22, 2015
PEOPLE ARE SO desperate to get out of debt that they will believe anything and anyone promising relief. They often turn to debt-relief companies that promote plans that supposedly can solve their problems. But for many, not only does the relief not come but the steep cost of the plans - sometimes thousands of dollars - can dig them in deeper. Recently, the Federal Trade Commission announced a $7.9 million settlement with one debt-relief operation that the agency said scammed people with false promises.
December 29, 2014 |
What's another name for student debt consolidator? A new low in scam artists . So here's how not to become a target of "debt relief" companies. Many 2014 college graduates are receiving their first loan bills. Student loans total $1.2 trillion nationally, and about seven million students have defaulted. You don't need to pay anyone to get help with, or to restructure, your federal student loans - period. (Private loans are another matter entirely). Do it yourself for free.
July 18, 2014
MANY PEOPLE who are deeply in debt are desperate for a quick fix. They ask the question: What can I do to get out of debt? But they aren't willing to accept the answer I give them, which is that it takes time. And discipline. And sacrifice. It takes cutting your expenses or working more, or both. They want different answers because they can't handle the truth. So, many people turn to debt-settlement companies that promise salvation. The companies assure a speedier route to financial freedom.
June 21, 2014 |
The Revel Casino Hotel in Atlantic City, a $2.4 billion property that has operated at a loss since opening in 2012, filed for its second bankruptcy Thursday. The new filing came about 13 months after the company wiped out $932 million in debt and cut yearly debt payments by 96 percent in bankruptcy last year. Despite the massive debt relief, the casino at the north end of the Boardwalk continued losing money on an operating basis before debt payments. The loss was $21.75 million in this year's first quarter.
April 29, 2013
3 die in French building blast REIMS, France - A possible gas explosion ripped off the side of a five-story residential building in France's Champagne country on Sunday, killing at least three people and injuring 14 others, officials said. More than 100 rescue workers, firefighters, sniffer-dog squads and bomb and gas experts were deployed to the gutted building in a subsidized housing complex in the city of Reims, east of Paris, officials said. Heaps of debris spilled out of the building onto a grassy esplanade below.
November 29, 2012 |
ATHENS, Greece - European and global financial leaders have agreed to release 44 billion euros ($57 billion) in critical loans to Greece and provide billions in additional debt relief in order to help the country stabilize its ailing economy. After three weeks of negotiations, Greece's euro partners and the International Monetary Fund agreed early Tuesday morning to release the loans in four installments beginning next month. The leaders also settled on a raft of measures - including a debt buyback program and an interest-rate cut on loans - that will reduce the country's debts by about 40 billion euros.
March 10, 2012 |
ATHENS, Greece - Greece's private creditors agreed Friday to take cents on the euro in the biggest debt write-down in history, paving the way for an enormous second bailout for the country to keep Europe's economy from being dragged further into chaos. Greece would have risked defaulting on its debt in two weeks without the agreement. Prime Minister Lucas Papademos called the deal - which shaves some $138 billion off Greece's $487 billion debt load - an important "historic success" in a televised address to the nation Friday night.
February 20, 2012 |
BRUSSELS, Belgium - Prime Minister Lucas Papademos traveled to Brussels, Belgium, on Sunday, a day before eurozone finance ministers must decide whether Greece will get a $170 billion bailout and avoid a potentially devastating default. Leaders from Germany, Italy, and Greece have said they are optimistic that the deal on a second massive bailout for Athens can be clinched at the meeting after months of delay, but critics have expressed doubts about Greek political leaders' commitment to austerity.