Long-Struggling Ohio Valley University Files for Bankruptcy | News, Sports, Jobs
VIENNA — Considered the optimal option, Ohio Valley University filed for Chapter 7 bankruptcy Thursday in the United States Bankruptcy Court for the Northern District of West Virginia in Wheeling.
The case was handled by attorney Martin P. Sheehan of Sheehan & Associates PLLC of Wheeling, according to a press release from his office.
“For some time, the university has been in financial difficulty. The administration has been looking for viable strategies moving forward,” the statement said.
With Chapter 7 bankruptcy cases, the release says a trustee is appointed who “take immediate possession of all real and personal property of The Ohio Valley University.”
There are sixteen OVU seniors remaining who will graduate in the spring. The statement said the university has implemented an education plan for them that has been approved by the West Virginia Higher Education Policy Commission and the Higher Learning Commission.
The statement said most of the students in the Ohio Valley have transferred to other institutions, but the education of the 16 students is continuing.
“The responsibilities in this regard have been transferred to the Ohio Valley University Wind Up Trust”, the statement said.
A bankruptcy clerk will be sending notices to all creditors and interested parties in the coming days and secured creditors have rights with respect to the security that secures their claims.
“Any property not subject to such claims may be liquidated to pay further claims of creditors”, the statement said.