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MORRIS BROWN COLLEGE EMERGES FROM BANKRUPTCY

3/27/2015

18 Comments

 
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The U.S. Bankruptcy Court has approved a plan this week that will let financially-strapped Morris Brown College soon emerge once again.
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Hundreds of alumni and supporters gathered on the southwest Atlanta campus Saturday to pray for Morris Brown College.

PictureBishop Preston W. Williams II
In a statement, board Chairman Preston Williams said the action, approved at a Wednesday hearing and confirmed Thursday by a signed order by Judge Barbara Ellis-Monro, “will allow the college to exit bankruptcy and move forward to regain its accreditation.”

The college filed for Chapter 11 bankruptcy reorganization in August 2012.

In a motion filed this week, the college spelled out a plan to resolve several remaining minor claims, including debts to ADT Security Service, the Robert W. Woodruff Library, a consulting firm and two individuals. A hearing on that motion has been scheduled for April 29.

Williams said that as part of the bankruptcy proceedings, the college sold 26 acres of property and buildings to InVest Atlanta and Friendship Baptist Church for $14.7 million, but retains ownership of the school’s administration building, Griffin Hightower Classroom building and Fountain Hall.

Friendship Baptist is one of two churches that sold to make way for the future $1.3 billion Atlanta Falcons stadium just steps from the Morris Brown property.

“This is a bittersweet ending to a long and complex process,” Williams said. “Bitter, because we had to sell property that had historical significance to so many people. Sweet, because we emerge from bankruptcy fully functional and current with all of our debt obligations.”

Williams said the college has remained in operation throughout the Chapter 11 reorganization process, and is scheduled to graduate 21 students on May 16.



source: www.ajc.com
Atlanta Journal Constitution 

18 Comments
Gemini 99
3/27/2015 06:42:29 am

Yes! Great news for the ATL!!!!

Reply
Shadow!e
3/27/2015 12:34:30 pm

That sucks that it was filing bankruptcy to begin with. But good for them

Reply
Bob
3/27/2015 12:35:29 pm

I've never heard of this college...ever

Reply
MaxineA
3/27/2015 12:37:02 pm

This is in response to 'Bob's' comment. He's prolly white and has no knowledge of culture.

Reply
Anne
3/30/2015 10:08:13 am

Great for MC!

Reply
Jermaine MD
3/30/2015 12:00:25 pm

Really wonderful to see this happen.

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CP
3/30/2015 01:56:10 pm

Shit look crazy now bruh

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the college spelled out a plan to resolve several remaining minor claims, including debts to ADT Security Service, the Robert W. Woodruff Library, a consulting firm and two individuals. A hearing on that motion has been scheduled for April 29.

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9/20/2016 03:37:53 pm

I thinks its a great news as the college will remain open and graduate maximum number of students. The action of court in this regard is also remarkable.

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