ATLANTA (AP) — Morris Brown College officials believe they would be able to sell off some property, settle mounting debt and keep most of the campus intact under a $20 million plan submitted to a bankruptcy court.
The Atlanta Journal-Constitution reports (http://bit.ly/10wJVD8) that court papers filed Friday outline the proposed deal, which comes less than a month after college trustees turned down an offer of nearly $10 million in taxpayer money. Atlanta Mayor Kasim Reed had offered the money to try and eliminate the school's debt.
William "Sonny" Walker, vice chairman of the school's board of trustees, said he has been directed by the trustees not to elaborate on the latest deal. It involves money from FD LLC. Part of FD's holdings is in Family Dollar, a Charlotte, N.C.-based chain of discount stores.
Information from: The Atlanta Journal-Constitution, http://www.ajc.com