Kentucky’s only military school files bankruptcy
MILLERSBURG, Ky. (AP) – Kentucky’s only military school, Forest Hill Military Academy, has filed for bankruptcy protection.
Brian Canupp, the lawyer who filed the petition, told The Lexington Herald-Leader (http://bit.ly/1WA6GkL) that the Chapter 11 filing stops a planned master commissioner’s sale that had been set for Thursday.
The petition says U.S. Army Cadet Corps, which owns the property, has debts of between $500,000 and $1 million while its assets are between $1 million and $10 million.
Canupp says the new filing will allow Army Cadet Corps to keep possession of the property and submit and plan for its future.
The school, once known as Millersburg Military Institute, was founded in 1893 by Col. C.M. Best, but has recently struggled to make ends meet.
Information from: Lexington Herald-Leader, http://www.kentucky.com
Copyright 2015 The Associated Press.