West Virginia college files for bankruptcy a month after announcing intentions to close
CHARLESTON, W.Va. (AP) — A small, private university in West Virginia declared bankruptcy on Thursday, a month after announcing that it planned to cease operations.
Alderson Broaddus University filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court for the state’s northern district. According to the filing, the university estimated it had between $1 million and $10 million in total assets, liabilities of between $10 million and $50 million and owed money to between 100 and 199 creditors.
The filing was signed by Alderson Broaddus interim president Andrea Bucklew. The Chapter 7 filing would allow the university to liquidate its assets.
On July 31 the university’s Board of Trustees voted to develop a plan to disband after another board overseeing the state’s four-year colleges and universities revoked its ability to award degrees effective Dec. 31. The move forced the Baptist university’s 625 students on the Philippi campus to scramble to enroll at colleges elsewhere.
Other state universities, including West Virginia Wesleyan in nearby Buckhannon and Fairmont State University in Fairmont, offered application and transcript evaluation assistance to Alderson Broaddus students.