Morris Brown College Files for Bankruptcy To Avoid Foreclosure
Black Enterprise Magazine September/October 2018 Issue

From AJC.

Morris Brown College will file for Chapter 11 bankruptcy in a last attempt to offset its reported $13 million debt to investors.

Chapter 11 is part of the U.S. Bankruptcy Code, which permits reorganization and gives federal protection to businesses unable to pay their debts. Currently, Morris Brown has no accreditation, which prevents the college from getting federal funds to help offset its mounting debt.

Last week it was reported that the college’s administrative buildings were up for auction, effective Sept. 4 after news of a looming foreclosure that has put the college at great risk. In total, Morris Brown is in $30 million worth of debt after years of financial strain after a mismanagement scandal in 2002.

Read more at AJC.

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Gerren Keith Gaynor (@MrGerrenalist) is a freelance journalist based in New York City. He has been published in the New York Times, ESSENCE magazine, EBONY.com, New York Amsterdam News, Loop21.com and Newsone.com. Gaynor received his master degree in Journalism from Columbia University and his bachelor's in English from Morehouse College.


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