Becker College will use proceeds from $18M Leicester sale to pay debts
Photo | Grant Welker
Becker College's Worcester campus
After the Town of Leicester officially purchases the portion of the former Becker College campus that exists within its borders, Becker will use the proceeds from that sale to pay debts, said lawyer Tom Bailey of Verdolino & Lowey, a Foxborough consulting and accounting firm which is handling the school’s closure.
Leicester is slated to buy the grounds for $17.8 million. Becker’s debts are approximately $30 million, Bailey said, and are owed to various parties.
“It all goes to debt,” Bailey said of the sale’s planned proceeds.
As the school winds down, Bailey said the entity Becker College continues to exist and is accredited to confer degrees through the end of the calendar year as it wraps up operations and handles students still collecting degrees and transferring to other institutions.
Some of Becker’s campus also resides in Worcester. In the city, Bailey said, Hampton Properties, owned by Russ Haims, plans to purchase the parts of the campus comprised of old houses. Haims has been floated as a potential buyer for several months.
Separately, the City of Worcester plans to buy several remaining Becker properties for about $4.6 million, through what Bailey said was an eminent domain process.
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