ATLANTA—Morris Brown College has gotten a court’s approval to sell some of the property on its Atlanta campus.
The school on Thursday obtained the bankruptcy court’s approval to market and sell its property through a real estate broker, The Atlanta Journal-Constitution reported.
The college intends to sell much of its 36-acre campus and has already begun marketing the property. Facing about $30 million in debt, the cash-strapped historically black institution filed for bankruptcy in August 2012.
The proposed sale of most of the campus property comes after two failed partial property sales fell through.
Whatever the outcome of the planned property sale, Morris Brown intends to continue operations.
The goal is to find a buyer that could possibly donate or lease part of the campus back to the school, Anne Aaronson, the college’s attorney, told the Atlanta newspaper.
Pending a March 21 deadline for any objections to the sale, the college would likely set an April 30 deadline for bids. If more than one qualified bid is received, the property would be auctioned off to the highest bidder.
Another issue that’s yet to be resolved: Challenges by former employees who say they lost their jobs when Morris Brown filed for bankruptcy in 2012 but say they are still owed wages.