Friday, June 06, 2014

After Growth Plan Fails, a YMCA Files for Bankruptcy - NPQ - Nonprofit Quarterly

After Growth Plan Fails, a YMCA Files for Bankruptcy - NPQ - Nonprofit Quarterly: June 4, 2014;Milwaukee Business Journal

The YMCA in Milwaukee has filed for Chapter 11 bankruptcy to allow for restructuring of the organization. According to the bankruptcy petition, the organization has amassed $29 million in debt and has deemed operations to be unsustainable. The filing is intended to allow the organization to maintain operations, pay salaries, and stop creditors from suing for payment.

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