Corinthian Colleges is selling most of its Everest and WyoTech campuses in the midst of several investigations and lawsuits by federal and state regulators.
The sale to the non-profit company ECMC Group for $24 million would allow more than 39,000 students to continue attending class. Corinthian is still looking for 39 other campuses.
ECMC, an Oakdale, Minnesota, company that provides financial literacy programs, will buy 68 schools in 17 states, 12 of which are to be closed when the current students graduate.
Regulators say that Corinthian Colleges Inc. falsified job placement data and pushed students to take expensive private student loans.
Earlier this week, Nasdaq notified the Santa Ana, California, company that it was no longer in compliance with listing requirements after failing to file mandated financial reports.