Morris Brown submits $20M plan to escape bankruptcy - FOX 32 News Chicago

Morris Brown submits $20M plan to escape bankruptcy

Posted: Updated:
ATLANTA -

Morris Brown has submitted a $20-million plan aimed at pulling the private, liberal arts college out of bankruptcy.

The Atlanta-Journal Constitution reports that school officials filed papers with a bankruptcy court last Friday. Dr. Sonny Walker, Vice Chairman of the Morris Brown Board of Trustees, would not comment on the plan.

School officials reportedly believe it will allow them to keep most of the campus intact -- despite years of lingering financial troubles.

In early June, trustees of Morris Brown College turned down an offer of nearly $10 million in taxpayer money.

The AJC reported that Atlanta Mayor Kasim Reed had offered the money that would have eliminated the bankrupt school's $35 million debt and solved its legal problems.

Morris Brown's lawyer Anne Aaronson had said the city's offer was insufficient because it covered the college's debt but didn't provide operating funds. She says the school has a better offer on the table. Reed and city officials say that's hard to believe. The lawyer declined to give any further details.

Reed says the school's rejection of his offer puts the school's future in danger and also threatens the city's vision for a revitalization of the area around the campus.

  • More Local NewsMore>>

  • Suspected DUI driver strikes officer's car

    Suspected DUI driver strikes officer's car

    Wednesday, August 20 2014 6:19 AM EDT2014-08-20 10:19:40 GMT
    An Atlanta Police officer was hurt after his squad car got rear ended by a suspected drunk driver.  The officer, who is a member of the department's HEAT DUI unit, was working a traffic stop
    An Atlanta Police officer was hurt after his squad car was struck by a suspected drunk driver.
  • Police: domestic fight leads to SWAT standoff

    Police: domestic fight leads to SWAT standoff

    Wednesday, August 20 2014 6:09 AM EDT2014-08-20 10:09:44 GMT
    Police in Cobb County say a man barricaded himself inside a home early Wednesday, forcing a SWAT unit to respond. It happened at home on Spring Mountain Lane and Lost Mountain Road.
    Police in Cobb County say a man barricaded himself inside a home early Wednesday, forcing a SWAT unit to respond. It happened at home on Spring Mountain Lane and Lost Mountain Road.
  • Unauthorized traffic stops in Greene County

    Unauthorized traffic stops in Greene County

    Tuesday, August 19 2014 11:13 PM EDT2014-08-20 03:13:42 GMT
    A county manager is accused of making unauthorized traffic stops in Greene County.
    A county manager is accused of making unauthorized traffic stops in Greene County.
Powered by WorldNow

205 N. Michigan Avenue
Ground Floor
Chicago, IL 60601
Station Operator: (312) 565-5532
Newsroom: (312)565-5533

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices