Morris Brown College Amasses Over $30 Million Debt, Files For Bankruptcy [PHOTOS]
The nation’s oldest HBCU Morris Brown College is filing for bankruptcy protection, as officially announced Saturday (Aug. 25). As it stands, Morris Brown is in debt more than $30 million, is facing foreclosure, and is in fear of losing its accreditation as enrollment remains low.
“During the past several year, the Board of Trustees and the Administration of the College have been collectively engaged in a planning process to preserve this great historical and educational institution and to position it for a successful future,” the school said in a statement on its website. “We continue to explore every financial and tactical options legally available to us in our goal to operate at the highest educational level and remain financially viable.”
Chapter 11 bankruptcy allows for federal protection to businesses that cannot pay their bills.
According to the school’s president, Dr. Stanley Pritchett, filing will give the institution time to find steady funding. “We are making a statement that Morris Brown College is not going anywhere,” said Pritchett. “We are not going to allow this latest challenge to get in the way of what we are trying to do.”
Origianlly named The Morris Brown Colored College, the Atlanta institution was established in 1881. A campus-wide Day of Prayer vigil was held in support of the school over the weekend.
Click below to see photos from the vigil.
MORE ON HIP-HOP WIRED!
Photos: Diverse Education/AJC