Morris Brown College has been told by a federal bankruptcy judge that they have until September 6 to file their new financial plan depicting the restructuring of all their debts.
In an article by The Atlanta Business Chronicle, we learned some details of the bankruptcy proceedings. According to the article, "U.S. Bankruptcy Judge Barbara Ellis-Monro
also gave Morris Brown the right to borrow $300,000 from the African
Methodist Episcopal Church — a move that will keep the College open at
least through Sept. 16."
The church originally offered $1.5M to the school, that would, "help the college pay some of its post-bankruptcy interest payments as
well as administrative expenses through the end of the year."
The judge only allowed the school to borrow $300,000.
Recently there has been talk and/or rumors that Morris Brown is somehow being lumped in with the politics of building the new Falcons stadium. Read the full Atlanta Business Chronicle story for the full reporting on the bankruptcy hearing.