The University of the Arts has filed for bankruptcy three months after shuttering the school, writes Meir Rinde for Billy Penn at WHYY.

The bankruptcy filing comes after a plan to merge with Temple University fell through. It also comes two wees after it faced a demand from bondholders for the immediate repayment of more than $50 million in debt, according to Bloomberg News.

UArts listed assets and liabilities of $50 million to $100 million in its Chapter 7 liquidation bankruptcy filing.

There was optimism that a Temple University merger might save the school, as more than 330 UArts students transferred to Temple over the summer.

However, according to The Philadelphia Inquirer, the deal fell apart over objections from the Hamilton Family Charitable Trust, which has contributed about half of UArts’ $62 million endowment.

The bankruptcy filing has UArts’ properties and assets as worth an estimated $93 million.

“This filing comes as former students, staff, and faculty continue to struggle with the damage done to their educations and careers, and while the UArts Board has neglected its legal, contractual, and moral obligation to negotiate severance payments for workers affected by UArts’ collapse,” the United Academics of Philadelphia said.

Read more about the latest chapter of the University of the Arts’ closure in Billy Penn at WHYY.

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