A New Leader for Saint Augustine’s University
A business professional, Malcomb Coley, has been appointed as the chief restructuring officer for Saint Augustine’s University, taking charge of its future amid financial troubles.
The HBCU, facing Chapter 11 bankruptcy and accreditation loss, has not offered classes this fall. With the school's leadership submitting a formal plan to the court, Judge David Warren approved Coley's appointment during a recent bankruptcy hearing.
"Now, Mr. Coley’s in charge," Judge Warren stated, acknowledging the specialized skills required for the role. "It’s not a failure, but now we’ve elected to find a possible path forward."
Coley, a former St. Aug’s professor and accounting professional with bankruptcy case experience, will make decisions for the school during its reorganization process. The court granted a 60-day extension due to his hiring, pushing the deadline for a reorganization plan to Jan. 8, 2027.
According to court documents, the university was prepared to file a plan that would have paid creditors in full but decided against it due to the unique historical significance of the institution. The board believes Coley, with his experience in handling similar financial situations, will help propose the best reorganization plan.
Both the bankruptcy administrator and the school’s lender express optimism about this development, emphasizing Coley's suitability for the role.
"Let’s get ready to get to work," Coley responded when asked about the challenge ahead.