Case timeline

1. Jun 252025
   Petition: Corvias Campus Living files Chapter 11 over USG student-housing P3 stress

   Corvias Campus Living - USG, LLC filed Chapter 11 in Delaware, opening Case No. 25-11214 as the operator of a University System of Georgia student-housing public-private partnership; the voluntary petition identifies Corvias, LLC as parent/managing member and the Board of Regents of the University System of Georgia as a key counterparty.

   The filing is not a generic balance-sheet case: Thelma Edgell’s first-day declaration says the program covers nine USG campuses, roughly 10,000 beds and more than 3 million square feet, but has been squeezed by declining occupancy, rising costs, BOR fee constraints and fixed 3% annual rent increases. The debtor said it could not fund a $2.27 million capital repair payment due June 30, 2025 or a $16.9 million interest payment due July 1, 2025, while about $526.7 million of senior secured notes remained outstanding and trade payables totaled about $5.2 million. The restructuring fight should center on whether Corvias can use Chapter 11 to renegotiate the economics of the USG housing program with BOR and noteholders, not simply administer claims, as described in the Edgell first-day declaration.

   Sources and provenanceJune 25, 2025