University of the Arts Files for Bankruptcy

The University of the Arts filed for Chapter 7 bankruptcy Friday as it looks to liquidate following the institution’s sudden closure in June and failed merger talks with Temple University.  In its bankruptcy petition, the Philadelphia-based UArts listed $93.3 million in property and other assets, and $69 million in claims secured by its property. The university also has $5.2 million in unsecured claims against it, including numerous potential claims for compensation from former employees as well as unpaid vendor bills. UArts additionally listed 11 pending legal actions against it, including class-action lawsuits filed by former students and employees.