Source: CBS Atlanta
ATLANTA – A $20 million plan could help one Atlanta College keep its campus intact, while selling some of its property and paying its debt. Less than a month after filing bankruptcy Morris Brown College submitted a $20 million plan to the courts.
Of the $20 Million $5 million would be donated to the school to be used post-bankruptcy. $7.5 million would be used to pay off its creditors and the additional $7.5 million would be paid directly to bond holders who control some of the properties. But the college’s board of trustees thinks they have found a better deal for the college that is drowning in $35 million of debt.
FD LLC is offering a deal that is essentially double of what the city is offering. Part of the FD holdings is in the Family Dollar chain. The FD LLC deal would mean that Morris Brown could not only survive but also regain its accreditation.
If the deal with FD LLC goes through, the company would buy Middleton Twin Towers dormitory, Jordan Hall, a previously foreclosed portion of Herndon Stadium, which was built for the 1996 Olympics and the adjacent parking lot between Mitchell Street and Martin Luther King Jr. Drive.
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