Wednesday, April 28, 2010
The GEO Group is so far in debt it may wind up in bankruptcy, according to analysts reviewing its recent quarterly statement. How did they get so far in debt? By buying up all their competitors (like Cornell, circa a week ago) and assuming their debt. Also, a bunch of their contracts will expire at the end of this year, and as states are increasingly looking to reduce prison costs, hopefully some of them won't be renewed. Here's hoping this is the beginning of the end of the GEO Group.