When a university like Saint Augustine's faces financial trouble, it might consider Chapter 11 bankruptcy to reorganize its debts and stay open. You might think bankruptcy means closing down, but for an organization, it's often a strategic move to survive and rebuild.
Saint Augustine's University recently filed for Chapter 11 bankruptcy, sparking widespread interest in what this means for institutions.
The historic HBCU, founded in 1867, announced its filing in federal court on December 4, 2023.