NYC Private School Faces Imminent Closure as Judge Rejects Loan

A private school on Manhattan’s Upper West Side is at risk of shutting as soon as this week after a bankruptcy judge rejected an emergency financing plan that would keep it open.

Manhattan Country School, a progressive institution that was founded in 1966, has been using next year’s tuition deposits to make payroll and borrowed from its board members to keep the lights on. The school had bet its future on a partnership with a foundation called Casa Laxmi, which offered an $8 million loan with a 12% interest rate to sustain it for the next four months.

David ...