KnowledgeWorks notifies student loan revenue bondholders of guarantor bankruptcy filing

By Caroline Salls

Pittsburgh, April 11 - KnowledgeWorks Foundation notified holders of its student loan revenue and revenue refunding bonds, series 2007, of the Chapter 11 bankruptcy filing made by The Education Resource Institute, Inc.

According to the bondholder notices, Education Resource is the guarantor of non-federal student loans pledged as security under the bond trust indenture.

KnowledgeWorks said $8.86 million of the non-federal student loans pledged under the notes indenture and guaranteed by TERI were outstanding as of Dec. 31, accounting for 9.95% of the total balance of the foundation's federal and non-federal student loans pledged under the indenture.

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