Ridgefield Christian School files for bankruptcy
?A Jonesboro private school has filed for Chapter 11 bankruptcy in United States Bankruptcy Court, according to records obtained by Region 8 News.
JONESBORO, AR (KAIT) - Ridgefield Christian School, 3824 Casey Springs Road, filed for bankrupty protection Jan. 5, 2015.
The filing, signed by School Board Vice President Doug Imrie, stated the school owes nearly $2 million for the school building. While the school has more than $2-million in liabilities, it only has $1.6 million in total assets. In 2014, Ridgefield Christian collected $1.1 million in revenue, according to court filings.
The school also owes $4,500 to Gym Masters of Searcy for the construction of the gym's floor.
Under Chapter 11 protection, Ridgefield Christian School would be allowed to reorganize in order to service its debts. The school would also be allowed to function normally. It is not known what measures the school will take to get out of bankruptcy.
Ridgefield Christian School, Inc. opened in the fall of 1992.
The school was represented in court by Little Rock attorney James F. Dowden.
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