Bankrupt Georgia College Housing Company Files $208 Million Deal

Student housing company Corvias Campus Living – USG LLC filed a plan to get out of bankruptcy by selling its housing projects to the Board of Regents for the University System of Georgia for $208.5 million.

The company’s liquidation plan, filed Wednesday with the US Bankruptcy Court for the District of Delaware, follows weeks of mediated negotiations with the board of regents and noteholders. It will retain about $3.5 million while remaining sale proceeds will go to noteholders, owed more than $526 million.

Under the deal, the board will take over the unit’s 10,000-bed portfolio of distressed student housing properties ...