Edison Schools Gets $40 Million in Funding
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Reuters
Edison Schools Inc. said it reached a deal for $40 million in new funding, allaying fears that the private education company was headed for bankruptcy.
The announcement of the financing, which Edison plans to use to open 20 schools and expand some it currently manages, sent its stock up. The funding would consist of $10 million from Merrill Lynch and $30 million from Chelsea Capital.
Edison shares closed up 62cents at $1.60 on Nasdaq.
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