Lambuth Bankruptcy Update
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There is new information about the $7.9 million deal reached by local stakeholders for Lambuth’s west Jackson campus and their effort to resolve the university’s Chapter 11 bankruptcy case. Jackson City officials said each stakeholder will give a total of $2 million, leaving $100,000 to cover closing and legal expenses. Each member’s contributed appropriation will have to be approved by the governing board or council . They must work quickly to get everything done and closed within the next two weeks. In order to ensure a fall enrollment at the west Jackson campus for officials with the University of Memphis. Already, some of the university’s personnel have been on campus preparing a few things, such as computer terminals. “The University of Memphis said if they got on the campus by mid-July or a little after they could still facilitate a fall enrollment so we’re hopeful,” said Jackson Mayor Jerry Gist. According to court papers, a case management conference will be held at 9:30 on the morning of July 20 in an effort to resolve the Chapter 11 bankruptcy filing. Officials told ABC 7 Eyewitness News that stakeholders are filing the purchase agreement and hope that the bankruptcy process will be a speedy one.
