Originally published at Western Recorder – www.westernrecorder.org
Mayfield—Mid-Continent University, a Mayfield institution with Kentucky Baptist roots that ceased to hold classes in June 2014 and laid off most of its staff, plans to put the campus up for sale, the Paducah Sun reports.
The property for sale includes the academic and dormitory buildings. However, the school board will vote on this issue.
“Huntington Bank, the trustee for bond holders who have a secured interest in the MCU campus, has asked that the property be officially listed for sale. MCU has already been discussing the sale and use of the campus with interested parties but this will expand the reach,” Tim Walker, vice president of finance and administration at Mid-Continent, told the Paducah Sun.
He continued, “We would want supporters and alumni to know that MCU would continue to work on retaining the property even if it is listed.”
Walker said that the institution is attempting to show its around 300 creditors that it can make payments to them.
Mid-Continent plans on securing that money by collecting student debts, pending “assurance of voluntary compliance” on MCU’s proposed loan repayment plan in accordance with the Attorney General’s Office. However, other attempts to collect debt owed directly to the institution “have not been good,” Mark Whitlow, MCU’s attorney said. (WR)