Who do you call to bail out a university on the verge of bankruptcy? Peter Chung, the 55-year old education tycoon. Chung has bought University Canada West, a private university in Victoria that failed to attract enough students since it opened in 2005.
The executive chairman of the Eminata Group, Chung owns 30 other educational institutions across Canada. He bought UCW for over $10 million.
Chung plans to pull in at least 700 international students, offering creditors 50 cents on the dollar for outstanding debts. While loan companies are shocked and angry, Chung said that if the university went bankrupt, the companies would get nothing. “So 50 cents is better for both,” he said.
Chung doesn’t plan to sell any of UCW’s properties.
