Bacone College, a small private college in Muskogee, Oklahoma, has officially filed for bankruptcy. The longstanding institution, which was founded in 1880, has faced financial struggles in recent years due to declining enrollment and financial mismanagement.
The decision to file for bankruptcy comes after years of attempting to stabilize the college’s finances. Bacone College had been placed on probation by its accreditor, the Higher Learning Commission, in 2018 due to concerns about financial stability and governance issues. Despite efforts to improve its financial standing, the college was unable to overcome its mounting debts and operational challenges.
In a statement released by Bacone College, President Ferlin Clark expressed regret over the decision to file for bankruptcy, but emphasized that it was necessary in order to ensure the college’s long-term viability. Clark stated, “This was a difficult decision, but we believe it is the best path forward for the college. Our main priority is to ensure that our students have options to continue their education and complete their degrees.”
The bankruptcy filing will allow Bacone College to restructure its debts and develop a plan to move forward. The college will continue to operate during the bankruptcy process, with classes expected to resume in the fall semester. Students currently enrolled at Bacone College will have the opportunity to transfer to other institutions or complete their degrees at Bacone.
As news of the bankruptcy filing spreads, there has been an outpouring of support from the Muskogee community and alumni. Many are hopeful that Bacone College will be able to overcome this setback and continue to provide educational opportunities for future generations.
While the future of Bacone College remains uncertain, the bankruptcy filing marks a new chapter for the institution. With the support of its stakeholders, the college is hopeful that it can emerge from this challenging period stronger and more resilient than ever before.
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