Morris Brown College officials believe they would be able to sell off some property, settle mounting debt and keep most of the campus intact under a $20 million plan submitted to a bankruptcy court. Court papers filed Friday outline the proposed deal, which comes less than a month after college trustees turned down an offer of taxpayer help.
Trustees of Morris Brown College have turned down an offer of nearly $10 million in taxpayer money. Atlanta Mayor Kasim Reed had offered the money that would have eliminated the bankrupt school's $35 million debt and solved its legal problems.
Court records show that Morris Brown College, which faces possible foreclosure, has not paid some of its employees for three months. The historically black Atlanta college owes workers hundreds of thousands of dollars in back pay from an even longer period.