Saint Augustine’s University Chapter 11 bankruptcy hearing could decide future of the private HBCU in Raleigh
A bankruptcy hearing in federal court is scheduled for Saint Augustine’s University (SAU) on Tuesday. The school filed for Chapter 11 bankruptcy in April. According to the filing documents obtained by ABC11, school leaders admitted that it owes between $50 million and $100 million to creditors. The school described the move as a “voluntary bankruptcy filing” and said it hopes to “strengthen its financial foundation” over the long term. Selling part of the school’s 105-acre property in Raleigh to help cover its debt is one of the options they are looking at. Financial records show the university estimates it has between 200 and 999 creditors,