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The discontinuation of the Lawton Correctional and Rehabilitation Facility contract will not have a material impact on GEO's financial guidance.
Additionally, as has been reported in the media, as a result of recent significant damage caused to the physical plant and equipment at company-owned, 1,940-bed Great Plains Correctional Facility, the company has issued a default notice to the State of Oklahoma under lease agreement for the Great Plains Correctional Facility, which is currently operated and maintained by the Oklahoma Department of Corrections.
The default notice provides for a cure period of 30 days for the State of Oklahoma to carry out all necessary physical plant and equipment repairs at an estimated cost of $3 million.
Posted In: GEO
