Another Bailout by a For-Profit

struggling private college in West Virginia announced Friday that it had received permission from state officials to transform itself into a for-profit institution by selling itself to three for-profit entities.
Salem International University, with about 400 students on its campus and a similar number taking online courses, has had financial difficulties for years. Salem International, founded in 1888, was a small liberal arts and teacher preparation college for most of its history. In the last decade, it has sought to improve its finances through relationships with a Japanese university (Salem International was briefly known as Salem-Teikyo University) and a private education company in Singapore.
Richard W. Ferrin, president of the university, said in an e-mail message Saturday that he could not comment on the negotiations for Salem to become a for-profit institution because of confidentiality requirements. But documents Salem has filed suggest that the college faces serious financial difficulties.

Full Story: http://www.insidehighered.com/news/2005/04/04/salem