Corvias’ Georgia Student Housing Unit Files Bankruptcy (1)

Corvias Campus Living — USG, which manages residential units for several college campuses in Georgia, filed bankruptcy, blaming school officials for failing to increase students’ rent in their state.

While under court supervision, the company will try to restructure $527 million of bonds tied to a money-losing housing program it set up with the University System of Georgia.

The Chapter 11 bankruptcy, filed in Delaware, allows the Corvias unit to halt debt payments while the company keeps operating and reorganizes itself. The Georgia business is affiliated with Corvias Group LLC, which is not in bankruptcy.

The bonds ...