Alderson Broaddus University has officially filed for bankruptcy amid its closure and pending lawsuits regarding debt.

According to publicly accessible documents from the Northern District of West Virginia Federal Bankruptcy Court, the petition for Chapter 7 bankruptcy was filed just before 4:30 p.m. on Thursday.

AB owed money to between 100 and 199 creditors, totaling between $10- $50 million, according to Thursday’s filing. AB’s assets total between $1-$10 million, the filing also said.

Under a Chapter 7 bankruptcy, a businesses’ assets are liquidated to pay its creditors; it does not involve a plan for repayment, and creditors may not receive the full amount owed.

[According to a report from NBC NEWS, more than “Nationwide, more than 500 colleges and universities show warning signs in two or more metrics.” And that’s before the current bout of alumni beginning to withhold funds thanks to Hamas oeprative and anti-Semetic indulgences on campuses across the country. Let’s see what those spreadsheets look like in a couple months after this. ~ Beege]