Morris Brown College emerges from bankruptcy
4/16/2015, 8:31 a.m.
ATLANTA
Morris Brown College is
headed out of bankruptcy.
A federal court has approved a plan enabling the 134-year- old historically black school to become largely debt-free and begin steps to regain is accreditation, according to Preston
Williams, board chairman.
As part of the plan, the college is selling 26 acres of property and buildings for nearly $15 million, but will still own three buildings as a base for growth,
Mr. Williams said.
The school has stayed open
since filing for bankruptcy protection in 2012 and will graduate 21 students this spring.
At one point, the school had reported being $35 million in debt with no steady cash flow. It lost its accreditation and access to federal funding in 2002.
