TUCSON – Green Fields School may pay all its debts despite closing, according to documents filed in federal bankruptcy court.
Last week, the private northwest side school announced it was closing.
Many parents paid deposits or tuition for the entire year. One parent paid $48,500 for 3 students, according to documents filed by the nonprofit school.
The school owes money to several employees, including $2,375 to one employee who worked a summer camp, according to court documents.
After paying all debts, the school may have more than $800,000 remaining.
The property’s first mortgage is $1,354,268. The second mortgage is $220,000, according to court documents.
The nonprofit has $202 in the bank, according to court documents.
The school estimates its property, including real estate, furniture, computers and other items, is worth $3,116,402.00, according to court documents.