Reuters logo
BRIEF-Performant Financial announces termination of student loan recovery contract
June 19, 2017 / 1:01 PM / 6 months ago

BRIEF-Performant Financial announces termination of student loan recovery contract

June 19 (Reuters) - Performant Financial Corp

* Performant financial corporation announces termination of student loan recovery contract

* Performant financial corp - company’s contract with glhe will terminate thirty days after company’s receipt of termination notice

* Performant financial corp - does not expect that termination of glhe contract will have an adverse effect on its near-term revenues or net income

* Performant financial - expects revenues from termination of glhe contract will begin to decrease in h2 2018 and be wound down almost entirely in 2019

* Performant financial corp - company will engage in discussions to further amend or restructure its credit agreement

* Performant financial corp - company is currently seeking to refinance its credit agreement through new debt or equity financing

* Performant financial corp - also initiated an exploration of other strategic alternatives if new debt or equity financing cannot be obtained

* Performant - co’s principal customers, great lakes higher education guaranty corporation notified co it is terminating student loan recovery contract

* Performant - co has been told that it will have opportunity to continue to provide some student loan recovery services to glhe on a subcontracting basis Source text for Eikon: Further company coverage:

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below