Shuttered New York College Defaults on Muni Bond Payments

Medaille University in upstate New York defaulted on its debt, marking the latest chapter of the school’s wind down.

The school, which closed its doors in August, failed to make an interest payment due April 1, according to a filing dated April 15. Medaille has about $22 million in outstanding municipal bonds, according to data compiled by Bloomberg.

Medaille was a nearly 150-year-old private liberal arts college located in Buffalo, New York. It held its final commencement in May, and its closing reflects the growing strain facing the nation’s small colleges and universities, particularly those in the Northeast, as a ...