Livermore Charter School Files Chapter 11 Bankruptcy

by San Antonio Attorney

The Tri-Valley Learning Corporation, operator of two charter schools in Livermore, has filed for Chapter 11 bankruptcy.

TVLC runs Livermore Valley Charter Preparatory and Livermore Valley Charter School and also two more in Stockton, sought for bankruptcy protection Nov. 8 with a California bankruptcy court, the court papers revealed.

But TVLC said its schools are not going to be closed due to the filing.

Lately, the schools had dealt with a large exodus of students. The Livermore Valley Joint Unified School District intends to launch a satellite grade school for over 300 students who left the charter school. About three months ago, around 400 students coming from both the K-8 and high school jilted the charter schools and transferred to district schools.

A spokesperson from TVLC denied the quantity of students, and said that the school district was blowing up the figures.

TVLC temporary CEO Lynn Lysko has told the parents of students that filing for bankruptcy protection was the first move in debt restructuring for the company.

According to Lysko, TVLC is going to continue its operations as they negotiate with creditors and seek approval from the bankruptcy court.

TVLC is going to have 120 days to submit a proposal of debt reorganization, Lysko said.

She said a large percentage of the company’s liabilities come from 2012 bonds and a lease agreement for school renovation carried out by a former administration.

Bankruptcy filing postpones debt payments, which is going to save TVLC $200,000 a month.

Former CEO Bill Batchelor stepped down from his position in 2015. He is now connected with Squaw Valley Academy Bay Area, which started to accept students this school year.

Also, former TVLC principal Eric Dillie is currently associated with the new private school.

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