The shuttered McNally Smith College of Music filed for chapter 11 protection on Thursday, two months after abruptly closing without giving faculty and staff their final paychecks, the Minneapolis Star Tribune reported. In the filing, the school indicated that it had assets between $10,000,001 and $50 million and estimated liabilities between $1,000,001 and $10 million. The filing also says that the college anticipates being able to pay the creditors, estimated to number between 200 and 999. With the school’s abrupt closing in December, more than 300 students were left scrambling to find ways to finish their education, and faculty and staff were left without final paychecks before the holidays.
