LSU drafting 'academic bankruptcy' plan in response to state budget crisis - Julia O'Donoghue, The Times-Picayune

LSU and many other public colleges in Louisiana might be forced to file for financial exigency, essentially academic bankruptcy, if state higher education funding doesn't soon take a turn for the better. Louisiana's flagship university began putting together the paperwork for declaring financial exigency this week when the Legislature appeared to make little progress on finding a state budget solution, according to F. King Alexander, president and chancellor of LSU. "We don't say that to scare people," he said. "Basically, it is how we are going to survive." http://www.nola.com/politics/index.ssf/2015/04/lsu_academic_bankruptcy.html