Greensboro College battling debt

GREENSBORO, N.C. (AP) – A small, private college in North Carolina is asking creditors to be patient as the school tries to raise money to pay nearly $1 million in past-due bills.

The News & Record of Greensboro reported Sunday that Greensboro College already has cut salaries 20 percent. A week ago a power company lineman brought a notice that power would be turned off if the college didn’t pay $8,000.

The school’s restructuring officer, Edward Sanz, said the college has to raise enough money to operate through the summer until students return in the fall.

Sanz says the college is renegotiating its bank line of credit.

Sanz says large gifts from individuals and foundations have dried up due to the recession.