At a time when airlines are struggling with a shortage of pilots and the FAA needs more air traffic controllers, one of the few schools in the nation that trains them has been given a deadline by its lenders.
Vaughn College of Aeronautics and Technology, a specialized school located in proximity to LaGuardia Airport in Queens, has agreed to a deal with a trustee for municipal bondholders after the school fell into technical default on its debt.
To avoid selling its building, Vaughn must increase its fall 2024 enrollment to 1,209 students—a 6% increase—and freshman enrollment must hit 360 students, Bloomberg reported.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
