ATLANTA – The fight to keep Morris Brown College afloat continues with reports that the HBCU is proposing a $20 million plan to escape bankruptcy.

Morris Brown, Georgia’s first historically black college, has reached the multimillion dollar deal with FD LLC to restructure and reorganize the troubled school. Court papers filed Friday outline the proposed deal, according to reports in the Atlanta-Journal Constitution (AJC). It comes less than a month after trustees turned down an offer of nearly $10 million in taxpayer money from the City of Atlanta.

Atlanta mayor Kasim Reed offered the cash to try and eliminate the school’s huge debt. The campus is of interest because the city’s administration wants to regenerate the area to coincide with plans to develop a nearby Atlanta Falcons stadium. At the time of the mayor’s proposal the college’s lawyer, Anne Aaronson, said the city’s offer was rejected because though it covered the debt it did not provide for operating costs.

This new multimillion dollar deal would make FD LLC a partner in the school’s recovery by buying some of its property and settling its outstanding debt, while it seeks re-accreditation. The deal would also pay off the college’s creditors to the tune of $7.5 million. Another $7.5 million would be used to pay bond holders of the properties FD LLC plans to purchase.

The remaining $5 million would go toward the school’s operating costs after bankruptcy, which is crucial to Morris Brown’s to secure new accreditation from the Transnational Association of Christian Colleges and Schools.