June 19 (Reuters) - Corinthian Colleges Inc, a U.S. for-profit education provider, said it may not be able to continue as a going concern after the Education Department delayed some reimbursements.
The Education Department has increased the period in which Corinthian is refunded some disbursements to 21 days from 24-72 hours, Corinthian said in a regulatory filing. (1.usa.gov/1qvpC6z)
The company’s cash flows will not be sufficient to meet its obligations as they become due if it is unable to find alternative financing, it said.
Corinthian shares were halted from trading on Thursday morning. (Reporting by Sagarika Jaisinghani in Bangalore; Editing by Joyjeet Das)