School District Will Buy Assets Of Bankrupt Texas College

Lon Morris College (File)

JACKSONVILLE (February 9, 2013)—The Jacksonville Independent School District in East Texas has agreed to pay $1.53 million for the gymnasium, administration building and other assets of bankrupt Lon Morris College.

Jacksonville Superintendent Joe Wardell told the Tyler Morning Telegraph the assets, which include more than 50 acres of land, have a value of about $6.8 million.

Lon Morris, in Jacksonville, was the oldest junior college in Texas.

It filed for bankruptcy and suspended classes last year.

The school's assets were sold at auction last month.

The bankruptcy court must still give its approval.

The restructuring officer for the college says the proceeds from the sale will be used to pay creditors and the school's former employees.