Louisiana State to Draft Insolvency Plan as Jindal Cuts Loom
The state faces a $1.6 billion budget shortfall in the coming fiscal year.
Louisiana Gov. Bobby Jindal speaks at the First in the Nation Republican Leadership Summit April 18, 2015 in Nashua, New Hampshire.
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Louisiana State University will draw up a financial exigency plan, equivalent to college bankruptcy, as budget cuts proposed by Governor Bobby Jindal threaten to cripple the higher-education system.
Exigency, declared when schools face insolvency, would allow the state’s flagship institution to restructure and fire tenured faculty.