Beginning in April 2023, the College began ongoing conversations with its bondholders for relief of aniticipated Bond covenant defaults. Initials communications informed bondholders of the need for their support to implement strategic changes to the College's business model and to hence address and avoid covenant defaults. The College's independent auditors required an executed forbearance agreement to be in place prior to issuing the financial statements for the 2023 fiscal year. The terms and scope of the Forbearance Agreement have been negotiated with the bondholders, and as of October 17, 2024 a final version of the Agreement has been fully executed. As the agreement was executed and shared with the auditors, the Colleges 2023 audited financial statements were prepared for issuance. The college administration believes that this is a one-time event and does not anticipate a similar situation in upcoming years.