ATLANTA — The chairman Morris Brown College's board of trustees says a plan has been approved for the Atlanta school to emerge from bankruptcy.
Board chairman Preston Williams said in a statement that the U.S. Bankruptcy Court this week approved the plan, and a judge signed it Thursday.
The Atlanta Journal-Constitution reports (http://on-ajc.com/1Cs6SJo) that Williams said the plan will allow the college to exit bankruptcy and take steps toward regaining its accreditation.
As part of the bankruptcy proceedings, the college sold 26 acres of property and buildings, but retains ownership of the school's administration building, Griffin Hightower Classroom building and Fountain Hall.
The school filed for Chapter 11 bankruptcy protection in the summer of 2012. At one point, the school had reported being $35 million in debt with no steady cash flow.
Information from: The Atlanta Journal-Constitution, http://www.ajc.com