Facing insolvency, Dream Center is unloading Art Institutes - Ben Unglesbee, Education Dive

The decades-old Art Institutes colleges are facing potential insolvency a little more than a year after the former for-profit chain was acquired by the faith-based Dream Center Foundation. The nonprofit reportedly completed a deal to transfer ownership to another organization. Struggling under the debt load it took on along with the college chain, Dream Center Education Holdings (DCEH) has circulated a plan to transfer control of the chain to another nonprofit, Education Principle Foundation, according to a proposal sent to one of its accreditors. Higher ed regulator Washington Student Achievement Council (WSAC) designated the Art Institute of Seattle "at-risk" of closure late last week and this week suspended its authorization after a surety bond to protect student tuition was canceled. The suspension means the school can operate but cannot recruit or enroll new students. https://www.educationdive.com/news/facing-insolvency-dream-center-is-unloading-art-institutes/546114/