Story thread · 2 reports / 2 sources

Former charter operator Aspira declares bankruptcy, could keep profit from sale of taxpayer-funded building

suntimes.com · 1h · first reportShare

On a busy stretch of North Milwaukee Avenue, the four-story windows of a sleek white limestone building are devoid of activity just weeks before the start of school. The state spent $27 million to build the former charter school just over a decade ago. But instead of getting ready to welcome back students, the Avondale building is on the verge of being sold to a real-estate investment company for a fraction of what taxpayers spent to construct it. The charter school’s former operator, Aspira Inc. of Illinois, recently filed for bankruptcy, after it was forced to close two schools in March, leaving more than 500 students to transfer midyear . In bankruptcy court filings, the nonprofit cited the loss of funding from Chicago Public Schools and “significant and continuing financial distress.” The situation raises questions about whether Aspira will be able to pocket money from the sale of its taxpayer-funded building to pay for its own operations. It’s also unclear whether CPS or the state