Morris Brown College has submitted a $20 million plan to the courts that would allow them to sell off some of their property, settle mounting debt and keep most of the campus intact, as they continue to seek re-accreditation.
The story you’re reading is premium content from The Atlanta Journal-Constitution. Subscribers get total access to all our in-depth news, digital editions and exclusive premium content. You can now also buy a 24-hour digital pass or 7-day digital pass.
Read MyAJC.com now — 24-hour digital pass99¢ for 24-hours
Read MyAJC.com all week — 7-day digital pass$3.99 for 7-days
Subscribe to AJC for as little as 33¢ per dayView Offers
AJC Print subscriber — I need to register my account for digital access.Access Digital
AJC Print subscriber — I’ve already registered my account.Sign In
Portrait of a bankruptcy
Morris Brown College is mired in millions of debt. Last August, the school filed for Chapter 11 bankruptcy protection. Here is a summary of what and who they owe.
Valstone Partners — $16.7 million
AME Connectional Church — $5 million
U.S. Department of Education — $1.153 million
Various mechanics liens — $600,000
Current employees — $480,000
Ga. Department of Revenue — $100,000
Internal Revenue Service — $51,000
Unsecured creditors — $10 million
Source: Morris Brown College