For-profit school company BioHealth College Inc., which operates four Bryman College campuses in California, has filed for chapter 11 protection, The Wall Street Journal reported Monday. A bankruptcy filing usually results in the U.S. Department of Education revoking the school’s status as an institution that can accept federal student financial aid dollars, without which most colleges cannot survive. BioHealth College acquired Everest College campuses in San Jose, San Francisco, Hayward and Los Angeles in January 2013 from Corinthian Colleges — a for-profit college operator with more than 100 schools that is now in the process of winding down its own operations — and changed the schools’ names to Bryman. Prior to this, BioHealth operated a for-profit medical-training school in San Jose. According to court filings, BioHealth has fewer than $50,000 in assets and between $1 million and $10 million in liabilities.
