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Averett University bonds in default due to high debt ratio, trustee reports

Summary by Cardinal News
Averett University is in default on more than $14.6 million in bonds it took out to finance construction on campus, according to a notice from U.S. Bank dated Jan. 3. Averett is not behind on its bond payments, according to the notice. However, the private university’s debt service coverage ratio has fallen below an acceptable threshold, and it has not provided proof that it maintains required insurance coverage, according to the U.S. Bank notic…
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