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UArts files for bankruptcy after Temple merger talks collapse


The University of the Arts has filed for bankruptcy after a plan to merge the shuttered school with Temple University fell through.

UArts abruptly announced its closure in June, shocking students, faculty, city officials, higher education experts and the community. The bankruptcy filing on Friday came two weeks after it faced a demand from bondholders for immediate repayment of more than $50 million in debt, Bloomberg News reported.

The 154-year-old institution, whose properties include prominent historic buildings along South Broad Street, listed assets and liabilities of $50 million to $100 million in its Chapter 7 liquidation bankruptcy filing.

Members of the UArts community and elected officials including Gov. Josh Shapiro and Councilmember Mark Squilla had expressed hope that a merger might save the school. More than 330 of UArts’ roughly 1,100 students transferred to Temple over the summer, and leaders of the state-supported institution in lower North Philadelphia expressed enthusiasm for a merger.



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