ALBANY, N.Y. (NEWS10) -- The College of Saint Rose's Board of Trustees announced on Thursday that the college has filed for Chapter 11 bankruptcy protection. The filing continues the college's waning operations which began in late November of 2023, when the school's closure was first announced.
The bankruptcy filing includes information on the college's assets and liabilities, according to Saint Rose officials. The board's vote on October 10 to sanction the filing was unanimous.
"The Board of Trustees has been committed to ensuring that our students had a viable path forward to continue and complete their academic programs, that our faculty and staff were assisted in their transition, and that our alumni’s deep connection to their alma mater was honored," said Saint Rose Board of Trustees Chair Jeffrey Stone. "The filing will support an orderly wind-down of the College’s operations and settlement of its affairs."
"The Albany County Pine Hills Land Authority (ACPHLA) and its members maintain that the highest and best use for the former College of Saint Rose campus may only be achieved through sale of the entire parcel to a single bidder for unified redevelopment," said ACPHLA CEO Kevin O’Connor. "To that end, and as the bankruptcy process plays out, ACPHLA will continue to confer with its attorneys and evaluate the 81 properties comprising the College of Saint Rose as a whole."
O’Connor continued, stating "At the appropriate juncture, ACPHLA will submit a bid for the entire campus based on current market values. The diverse members of the Authority board are committed to a redevelopment process inclusive of neighborhood residents, city and county stakeholders, and the success of the greater Capital Region."
The campus's remaining staff as well as the college's ongoing real estate disposition will reportedly not be impacted by the development. Saint Rose officials stated the college will submit a Plan of Reorganization to the Bankruptcy Court in the coming weeks.
