The closed University of the Arts filed for Chapter 7 bankruptcy protection on Friday, aiming to liquidate its assets, including its Center City real estate valued at over $87 million.

This filing in U.S. Bankruptcy Court in Delaware follows the collapse of merger talks with Temple University. UArts, which abruptly shut down in June, will sell its assets to pay off creditors.

The bankruptcy filing reveals total liabilities of $74.2 million, including nearly $50 million in municipal bond debt. The school has between 10,001 and 25,000 creditors, with numerous claims from students and faculty. The board of trustees approved the bankruptcy move on September 5.

*Article courtesy of Philadelphia Business Journal

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