Corvias Campus Living USG LLC, a major operator of student and military housing, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The company cited an unworkable contract with the University System of Georgia (USG) as the core reason for its financial distress, with $532 million in total debt hanging over the business.
Contract With Georgia University System at the Center
According to court filings, Corvias said it has been prohibited from raising student housing fees at nine Georgia campuses despite escalating operational and maintenance costs. This contractual rigidity, the company argues, has left it unable to service over $526.7 million in bond debt tied to construction and renovation of dormitories, plus another $5.2 million in trade liabilities.
In a declaration to the court, Corvias President Thelma Edgell stated the company cannot continue to fulfill its obligations under the current terms:
“It is untenable for the debtor to continue to provide needed services to students absent a restructuring of the USG Student Housing Program and the debt related thereto.”
Operations Span 42,000 Units Nationwide
Rhode Island-based Corvias manages 42,000 residential units across the U.S., including housing at seven military bases and 15 university campuses. Approximately 10,000 of these beds are located within the Georgia university system — making this partnership central to Corvias’s higher education portfolio.
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