After nearly two months and three deadline extensions, enough bondholders have blessed Averett University's plans to sell its north campus so that the process of closing on the transaction may proceed.

Averett University President Thomas Powell confirmed to the Register & Bee that more than 50% of bondholders have approved what's known as covenant waivers to allow the cash-strapped institution to sell its E. Stuart James North Campus for $18.15 million to investors and lease it back.

The latest deadline was Tuesday evening.

The investors — except for the Danville Regional Foundation — haven't been disclosed.

The bondholders needed to approve the waivers because the university took out $15 million in bonds in 2017. The waivers are a way for bondholders to forgive issues that have occurr

See Full Page