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Morris Brown Files for Bankruptcy in Move to Avoid Foreclosure

Atlanta – Morris Brown College is filing for bankruptcy protection in the face of foreclosure. The historically black Atlanta college was set to be foreclosed upon next Tuesday.

Trustees announced the decision to file for bankruptcy protection on Saturday, during a campus Day of Prayer.

The 131-year-old school is more than $13 million in debt. Morris Brown has faced several challenges since it lost accreditation a decade ago. Enrollment is now down to about 50 students.

“During the past several years, the Board of Trustees and the Administration of the College have been collectively engaged in a planning process to preserve this great historical and educational institution and to position it for a successful future,” school leaders said in a statement on the college’s website. “We continue to explore every financial and tactical option legally available to us in our goal to operate at the highest educational level and remain financially viable.”

The college has started a new online giving campaign. Donations to the Morris Brown College Recovery Fund can be made through the school’s website.

Source: 11Alive News

 

Article source: http://atlantablackstar.com/2012/08/29/morris-brown-files-for-bankruptcy-in-move-to-avoid-foreclosure/

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