Historically Black College Files for Bankruptcy After Taking Out 24% Loan

Saint Augustine’s University, one of the oldest historically Black colleges in the country, has filed for Chapter 11 bankruptcy protection.

The board of directors at the Raleigh, North Carolina-based school unanimously voted in favor of initiating the bankruptcy process earlier this month, according to a resolution included with court documents. The college listed liabilities of $50 million to $100 million and assets of $100 million to $500 million in its petition on Monday.