Edison Schools has missed a philanthropic payment to the Clark County, Nev., School District, causing the district to withhold quarterly payments to the company until further notice. The company has a five-year contract to run seven Clark County schools. (Las Vegas Sun)
The Boston Renaissance Charter School, one of Massachusetts' biggest charter schools, is dropping Edison Schools Inc. as its management company. Boston Renaissance has increasingly veered down different curriculum paths from Edison and wanted freedom to do more, officials say. The K-8 school was one of Edison's first ventures. It has 1,300 students and 160 staff members. (Boston Globe)
Woes continue to mount for Edison, but Pennsylvania governor expresses support. (Philadelphia Inquirer)
After Edison Schools announces a settlement with the Securities and Exchange Commission, the leadership of Philadelphia's School Reform Commission continued to express confidence in the company.
Edison Schools, the nation's largest commercial operator of public schools, provided inaccurate information about its past revenue and maintained inadequate financial controls, the Securities and Exchange Commission announced. The commission says that Edison has agreed to a settlement with the commission that requires the company to revise the way it reports its revenue and to hire an internal audit manager. (New York Times)
Edison Schools has received poor marks for its management of schools in the Chester Upland (Pa.) district. A quarterly performance report notes that the district still has high suspension and truancy rates, serious behavior problems, and a host of logistical shortcomings in the nine schools Edison manages. (Philadelphia Inquirer).
Edison Schools has not yet been able to borrow the money it needs to fulfill its contract to run 20 Philadelphia schools. H. Christopher Whittle, Edison president, says the company had been unable to wrap up a deal for additional financing because the Securities and Exchange Commission had been investigating the company's accounting practices. (Philadelphia Inquirer)
Despite concerns about the financial health of Edison Schools, Maryland school officials say they are confident the for-profit company will continue running three Baltimore schools in the fall. (Baltimore Sun).