St. Albans Files Chapter 7 Bankruptcy
St. Alban’s Episcopal School has filed for Chapter 7 bankruptcy. The filing, made this month, shows the private school to be millions of dollars in debt, including a more than $4 million claim on the school building, located at 5200 S. Bowen Road, and at least $900,000 in “prepaid educational services.”
Chapter 7 of the Bankruptcy Code governs the process of liquidation, meaning the assets of the school will be sold and the proceeds used to pay creditors. Chapter 7 is the most common form of bankruptcy in the United States.
The bankruptcy petition lists two creditors holding claims secured by collateral, a $4.6 million loan from a bank in Missouri and a $106,031 loan from a San Antonio bank. The filing also includes a long list of “unsecured nonpriority claims,” which includes a $9,408 debt to TXU Energy, among other bills. Also included in these “nonpriority claims” are the thousands of dollars in tuition paid by parents just weeks before the school closed its doors.
The school closed with no warning in early August leaving parents scrambling to find a new school for their students. Many of those parents had pre-paid as much as $12,000 for their child’s tuition and were told there would be no refunds. Parents were understandably angry because the school took their money knowing they were in serious financial trouble.
A creditors meeting is scheduled for November 30 at the Fritz G. Lanham Federal Building in Fort Worth. A representative from St. Albans will be there to answer questions from creditors and the bankruptcy trustee about the school’s finances.
Arlington, Arlington TX, St. Alban’s Episcopal School, Bankruptcy
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