Morris Brown College has submitted a $20 million plan that officials say will keep most of the campus intact and bring the school out of bankruptcy. The plan includes selling off some property and settling a number of debts, according to the plan submitted to a bankruptcy court.
The deal is outlined in papers submitted to the court, according to the AJC, and comes less than a month after college trustees turned down a nearly $10 million bailout from the City of Atlanta and Mayor Kasim Reed to eliminate the school’s debt.
The trustees had requested a $20 million bailout from the city in February. Anne Aaronson, a Philadelphia-based lawyer for the school, at the time said the $10 million offer was insufficient and that Morris Brown had a better offer on the table. Aaronson declined to give any further details.
Reed initially voiced skepticism about the better offer.
“I believe I know how the movie ends,” Reed said at the time. “The movie ends with that area looking like a swap meet. And I am not going to have it said that we should have done something.”
William ”Sonny” Walker, vice chairman of the school’s board of trustees, told the Associated Press that he has been directed by the trustees not to elaborate on the latest deal. It reportedly involves money from FD LLC, a company with holdings in Family Dollar, a Charlotte, N.C.-based chain of discount stores.