Morris Brown College, which stands as the nation’s oldest Historically Black college, officially announced on Saturday that it is filing for bankruptcy. The university has amassed over $30 million in debt and is currently facing foreclosure as well as losing its accreditation due to the low number of enrolling students.
The institution released a statement on its website recently.
“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. We continue to explore every financial and tactical options legally available to us in our goal to operate at the highest educational level and remain financially viable.”
The school may look to file Chapter 11 bankruptcy, which provides federal protection to businesses that can not pay their bills. Morris Brown’s president, Dr. Stanley Pritchett, feels the filing will give the college ample time to find funding.
“We are making a statement that Morris Brown College is not going anywhere,” said Pritchett. “We are not going to allow this latest challenge to get in the way of what we are trying to do.”
Source: hiphopwired.com
