College Of New Rochelle Unlikely To Make Future Debt Payments

NEW ROCHELLE, NY — Lenders to the College of New Rochelle will likely not see further payments on any of the institution's debts. The college informed the lenders, as well as trustees of bonds the school used to fund construction projects, in a May 1 conference call.

A meeting with the lenders will be set up by the college in late May or June, the Journal News said.

The college has not set a date for closing its doors, but has said it will be sometime during the summer.

An arrangement was reached in March to give students a way to transition to Mercy College for the continuation of their education.

The College of New Rochelle found itself in a difficult financial situation in October 2016 and was days away from shutting its doors, at times.

Then-President Judith Huntington resigned, and "unmet financial obligations" were uncovered and presented to the trustees.

About $20 million in payroll taxes had not been paid for eight quarters, officials said.

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