Morris Brown College files for bankruptcy - WRCBtv.com | Chattanooga News, Weather & Sports
The 131-year-old historically black college
is more than $30 million in debt. It was facing foreclosure next month
after investors called $13 million worth of bonds tied to the school.
The bonds were issued in
1996 by the Fulton County Development Authority. The school had pledged
several pieces of property as security. An auction of assets was set for
Sept. 4.
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