Creditors Put College Of New Rochelle On Notice For Nonpayment

NEW ROCHELLE, NY — Creditors of the College of New Rochelle have been sending default notices as the 115-year-old institution winds down before closing. The last day of classes is set for Aug. 10.

Geoff Thompson, a spokesman for the college, issued a statement that said, "Certain of the college's secured creditors have served default notices for the purpose of preserving all of their legal rights going forward, but no enforcement actions have been taken."

He said the college "continues to work cooperatively with its secured creditors toward an orderly winding up of the college's operations."

There will be a final graduation ceremony for about 200 to 250 students who will be finishing their degrees over the summer at the school's wellness center Aug. 20.

In October 2016 the college discovered it was in a difficult financial situation, with massive unmet obligations, including about $20 million in payroll taxes that went unpaid.

There were staff shakeups, including the resignation of President Judith Huntington, layoffs and the auctioning of property, but the school was unable to dig itself out of the financial hole.

After deciding to shut its doors, CNR reached an agreement with Mercy College to allow students who were still working degrees to transfer to Mercy to continue their educations.

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