Morris Brown College officials have filed for Chapter 11 bankruptcy in a last ditch effort to prevent the 131-year-old school from being foreclosed on and sold at auction, and to give them time to regroup.
Morris Brown College, which is more than US$30 million in debt, was facing foreclosure next month after investors called US$13 million worth of bonds tied to the college.
The bonds were issued by the Fulton County Development Authority in 1996. As security for the bonds, Morris
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