ITT Educational Services has sought Chapter 7 protection in Indianapolis, listing liabilities of between $100 million and $500 million, likely including a debt of at least $34.7 million to Cerberus Capital Management.
The Carmel, Indiana-based defunct for-profit college operator shut all its campuses earlier this month. It initiated a bankruptcy proceeding where it will windup its operations after the US Department of Education barred ITT from accepting new students using federal aid money.
