Historical Black College and University (HBCU) Miles College in Fairfield has reportedly signed a letter of intent to purchase Birmingham-Southern College (BSC), which closed on May 31 after legislation to give the financially distressed college a $30 million loan failed to garner enough support in the Alabama House.
According to the Birmingham Business Journal, Miles College confirmed the letter of intent was signed on June 19.
BSC has received other offers, including a $52 million offer from Alabama A&M University, another HBCU.
The now-defunct private liberal arts school is conducting a comprehensive fire sale of its assets by Birmingham estate liquidator Hanna Estate Services. The sale will include the physical items of its past, such as sculptures, sofas, patio furniture, pianos, and other miscellaneous memorabilia, to acquire funds to pay back creditors.
RELATED: Conner Hayes: Birmingham-Southern College's fatal fire sale
Per the Birmingham Business Journal, "Among the school's creditors are ServisFirst Bank, which it owed $16.1 million to in May, bondholders, to which it owes $9 million and a group made up of the city of Birmingham, the United Methodist Church's North Alabama Conference Board of Pension and Health Benefits and others who last fall loaned the school money to remain open through the end of the school year, to whom BSC owes $10 million."
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