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

Morris Brown submits $20M plan to escape bankruptcy

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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.

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