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LONG-TERM DEBT AND LEASE OBLIGATIONS (Details)
1 Months Ended 12 Months Ended
Apr. 12, 2016
USD ($)
Feb. 29, 2016
USD ($)
Feb. 12, 2016
USD ($)
Jul. 31, 2015
USD ($)
Feb. 28, 2017
USD ($)
Dec. 31, 2016
USD ($)
Lender
Dec. 31, 2015
USD ($)
Long term debt and lease obligations [Abstract]              
Long term debt and capital lease obligations           $ 44,267,000 $ 58,224,000
Less current maturities           (11,713,000) (10,114,000)
Long-term debt and lease obligations           $ 32,554,000 48,110,000
Interest rate of debt instrument           11.00%  
Percentage of outstanding principal balance of loan           10.00%  
Percentage of principal amount prepaid but not including in the second anniversary           5.00%  
Percentage of principal amount prepaid but not including in the third anniversary           3.00%  
Sale and a leaseback of facilities, Date           December 28, 2001  
Scheduled maturities of long-term debt and lease obligations [Abstract]              
2017           $ 11,713,000  
2018           3,427,000  
2019           29,127,000  
2020           0  
2021           0  
Thereafter           0  
Long term debt and capital lease obligations           $ 44,267,000  
Hartford [Member]              
Long term debt and lease obligations [Abstract]              
Lease termination fee             5,000,000
Fern Park [Member]              
Long term debt and lease obligations [Abstract]              
Lease termination fee     $ 2,800,000        
90-day LIBOR [Member]              
Long term debt and lease obligations [Abstract]              
Debt instrument, basis spread on variable rate           9.00%  
Credit Agreement [Member]              
Long term debt and lease obligations [Abstract]              
Number of lenders | Lender           3  
Expiration date of credit facility Apr. 01, 2017            
Percentage of letters of credit margin against available funds in cash collateral 100.00%            
Maximum availability of amount under agreement $ 9,500,000            
Percentage of letter of credit fee, quarterly installment 1.75%            
Aggregate principal amount outstanding           $ 6,100,000  
Revolving Credit Facility [Member]              
Long term debt and lease obligations [Abstract]              
Expiration date of credit facility           Apr. 05, 2016  
Repayment of outstanding principal, accrued interest and fees       $ 6,300,000      
Proceeds for remaining loan amount       11,000,000      
Revolving Credit Facility [Member] | Bank of America and Other Lenders [Member]              
Long term debt and lease obligations [Abstract]              
Long-term line of credit       20,000,000      
Letter of Credit [Member]              
Long term debt and lease obligations [Abstract]              
Cash collateral amount       7,400,000      
Term Loan Agreement [Member]              
Long term debt and lease obligations [Abstract]              
Long-term line of credit [1]           $ 44,267,000 44,653,000
Outstanding term loan   $ 45,000,000   45,000,000      
Expiration date of credit facility           Jul. 31, 2019  
Deferred finance fees           $ 2,300 2,500
Short-term debt           10,000,000  
Term loan amount paid under second amendment   4,000,000          
Judgment amount to cause breach of covenant           1,000,000  
Commitment fee           1,000,000  
Amount of fees for term loan           500,000 2,800,000
Term Loan Agreement [Member] | Subsequent Event [Member]              
Long term debt and lease obligations [Abstract]              
Repayment of restricted cash without prepayment penalty         $ 5,000,000    
Term Loan A [Member]              
Long term debt and lease obligations [Abstract]              
Outstanding term loan   25,000,000          
Term Loan A [Member] | HPF Holdco, LLC, Rushing Creek 4, LLC and Tiger Capital Group, LLC [Member]              
Long term debt and lease obligations [Abstract]              
Outstanding term loan       30,000,000      
Term Loan A [Member] | Alostar Bank of Commerce [Member]              
Long term debt and lease obligations [Abstract]              
Term loan principal repayment       5,000,000      
Term Loan B [Member]              
Long term debt and lease obligations [Abstract]              
Outstanding term loan   20,000,000          
Cash collateral amount   $ 20,300,000          
Term Loan B [Member] | Alostar Bank of Commerce [Member]              
Long term debt and lease obligations [Abstract]              
Outstanding term loan       15,000,000      
Cash collateral amount       15,300,000      
Outstanding term loan additional amount       $ 5,000,000      
Maximum [Member] | Term Loan Agreement [Member]              
Long term debt and lease obligations [Abstract]              
Aggregate repayments of the Loan           15,000,000  
Finance Obligation [Member]              
Long term debt and lease obligations [Abstract]              
Capital lease and finance obligation [2]           0 9,672,000
Capital Lease-Property (with a rate of 8.0%) [Member]              
Long term debt and lease obligations [Abstract]              
Capital lease and finance obligation [3]           $ 0 $ 3,899,000
Interest rate of debt instrument           8.00%  
[1] On July 31, 2015, the Company entered into a credit agreement with three lenders, Alostar Bank of Commerce ("Alostar"), HPF Holdco, LLC and Rushing Creek 4, LLC, led by HPF Service, LLC, as administrative agent and collateral agent (the "Agent"), for an aggregate principal amount of $45 million (the "Term Loan"). The July 31, 2015 credit agreement, along with subsequent amendments to the Credit Agreement dated December 31, 2015 and February 29, 2016, are collectively referred to as the "Credit Agreement." As of December 31, 2015 and prior to the effectiveness of a second amendment to the Credit Agreement on February 29, 2016 (the "Second Amendment"), the Term Loan consisted of a $30 million term loan (the "Term Loan A") from HPF Holdco, LLC, Rushing Creek 4, LLC and Tiger Capital Group, LLC, secured by a first priority lien in favor of the Agent on substantially all of the real and personal property owned by the Company, and a $15 million term loan (the "Term Loan B") from Alostar secured by a $15.3 million cash collateral account. Pursuant to the Second Amendment, the Company received an additional $5 million term loan from Alostar with which the Company repaid $5 million of the principal amount of the Term Loan A. Accordingly, upon the effectiveness of the Second Amendment, the aggregate term loans outstanding under the Credit Agreement remains at approximately $45 million, consisting of an approximate $25 million Term Loan A and a $20 million Term Loan B. In addition, pursuant to the Second Amendment, the amount of cash collateral securing the Term Loan B was increased to $20.3 million. At the Company's request, a percentage of the cash collateral may be released to the Company at the Agent's sole discretion and with the consent of Alostar upon the satisfaction of certain criteria as outlined in the Credit Agreement. The Term Loan, which matures on July 31, 2019, replaces a previously existing $20 million revolving credit facility with Bank of America, N.A. and other lenders, which was due to expire on April 5, 2016. The previously existing revolving credit facility was terminated concurrently with the effective date of the Credit Agreement on July 31, 2015 (the "Closing Date"). A portion of the proceeds of the Term Loan were used by the Company to (i) repay approximately $6.3 million in outstanding principal, accrued interest and fees due under the previously existing revolving credit facility, (ii) fund the $20.3 million cash collateral account securing the portion of the Term Loan provided by Alostar, (iii) fund approximately $7.4 million in a cash collateral account securing the letters of credit issued under the previously existing revolving credit facility that remain outstanding after the termination of that facility and (iv) pay transaction expenses in connection with the Term Loan and the termination of the previously existing revolving credit facility. The remaining proceeds of the Term Loan of approximately $11 million may be used by the Company to finance capital expenditures and for general corporate purposes consistent with the terms of the Credit Agreement. Interest will accrue on the Term Loan at a per annum rate equal to the greater of (i) 11% or (ii) 90-day LIBOR plus 9% determined monthly by the Agent and will be payable monthly in arrears. The principal balance of the Term Loan will be repaid in equal monthly installments, commencing on August 1, 2017, determined as the quotient of (i) 10% of the outstanding principal balance of the Term Loan as of July 2, 2017 divided by (ii) 12. A final installment of principal and all accrued and unpaid interest will be due on the maturity date of the Term Loan. The Term Loan may be prepaid in whole or in part at any time, subject to the payment of a prepayment premium equal to (i) 5% of the principal amount prepaid at any time up to but not including the second anniversary of the Closing Date and (ii) 3% of the principal amount prepaid at any time commencing on the second anniversary of the Closing Date up to but not including the third anniversary of the Closing Date. In the event of any sale or other disposition of a school or real property by the Company permitted under the Term Loan, the net proceeds of such sale or disposition must be used to prepay the Loan in an amount determined pursuant to the Credit Agreement, subject to the applicable prepayment premium; provided, however, that no prepayment premium will be due with respect to up to $15 million of aggregate repayments of the Term Loan made during the first year that the Term Loan is outstanding. A portion of the net cash proceeds of any disposition of a school in an amount determined pursuant to the terms of the Term Loan, must be deposited and held as cash collateral in a deposit account controlled by the Agent until the conditions for release set forth in the Term Loan are satisfied. In connection with the assets which are currently classified as held for sale and are expected to be sold within one year, the Company is required to classify $10 million as short term debt due to the Term Loan prepayment minimum required with respect to any such disposition. The Term Loan contains customary representations, warranties and covenants such as minimum financial responsibility composite score, cohort default rate, and other financial covenants, including minimum liquidity, maximum capital expenditures, maximum 90/10 ratio and minimum EBITDA (as defined in the Term Loan), as well as affirmative and negative covenants and events of default customary for facilities of this type. The Company was in compliance with all covenants as of December 31, 2016. Subsequent to the 2015 fiscal year end, pursuant to the Second Amendment, the financial covenants were adjusted and, at the Company's election, will be adjusted for fiscal year 2017 and for each subsequent fiscal year until the maturity of the Term Loan at either the levels applicable to fiscal year 2016 (and each fiscal quarter thereof) contained in the Credit Agreement as of the Closing Date or the levels applicable to fiscal year 2016 (and each fiscal quarter thereof) contained in the Second Amendment. The Company elected to re-set the financial covenants at the 2016 covenant levels contained in the Second Amendment and as required to prepaid $4 million before January 15, 2017, without prepayment penalty. The Credit Agreement contains events of default, the occurrence and continuation of which provide the Company's lenders with the right to exercise remedies against the Company and the collateral securing the Term Loan, including the Company's cash. These events of default include, among other things, the Company's failure to pay any amounts due under the Term Loan, a breach of covenants under the Credit Agreement, the Company's insolvency and the insolvency of its subsidiaries, the occurrence of a material adverse effect, the occurrence of any default under certain other indebtedness, and a final judgment against the Company in an amount greater than $1 million. Also, in connection with the Term Loan, the Company paid to the Agent a commitment fee of $1 million on the Closing Date and is required to pay to the Agent other customary fees for facilities of this type. Total fees for the Term Loan were $2.8 million during fiscal year 2015. During the first quarter of 2016, in connection with the effectiveness of the Second Amendment, the Company paid loan modification fees of $0.5 million. These deferred finance fees are netted against the Term Loan on the Consolidated Balance Sheets and amortized to interest expense on the Consolidated Statement of Operations. As of December 31, 2016 and December 31, 2015, the Company had $44.3 million and $44.7 million outstanding under the Term Loan; offset by $2.5 million and $2.5 million of deferred finance fees, respectively.
[2] The Company completed a sale and a leaseback of four facilities on December 28, 2001. The Company retained a continuing involvement in the lease and, as a result, the Company was prohibited from utilizing sale-leaseback accounting. Accordingly, the Company had treated this transaction as a finance lease. In January 2016, the lease was amended to cure certain provisions related to continuing involvement and, as a consequence, achieved sales treatment. In the first quarter of 2016, the lease was converted to an operating lease and rent payments are included in educational, services and facilities expense in the Consolidated Statement of Operations. In addition, the finance obligation, net of land and buildings, was amortized on the straight-line basis through December 31, 2016.
[3] In 2009, the Company assumed a real estate capital lease for a property located in Fern Park, Florida having a term continuing through October 31, 2032. In February 2015, the Company's Board of Directors approved a plan to cease operations of its school located at the Fern Park, Florida property, which school closed in the first quarter of 2016. In connection with the closure of the school the Company paid a $2.8 million lease termination fee to the landlord in connection with the amendment and early termination of the 2009 lease agreement. The amended lease agreement subsequently expired on April 10, 2016. In December 2015, the Company's Board of Directors approved a plan to cease operations at the Hartford, Connecticut school which closed in the fourth quarter of 2016. In connection therewith, the Company paid a $5 million lease termination fee to its landlord in connection with the early termination of a lease agreement under which the Company leased property in Hartford, Connecticut for a term continuing through July 31, 2031.