Aspira Inc. Files for Bankruptcy, Puts Taxpayer-Funded Chicago Building Up for Sale
Former charter school operator Aspira Inc. of Illinois has filed for bankruptcy, potentially allowing them to profit from the sale of a taxpayer-funded building in Chicago's Avondale neighborhood. The state invested $27 million in the building over a decade ago,…
Chicago, IL, August 11, 2026 —
Aspira Inc. of Illinois, a former operator of charter schools, has filed for bankruptcy. This move could lead to the sale of a building in Chicago’s Avondale neighborhood that was previously funded by taxpayers.
The state of Illinois invested approximately $27 million into the building over the past decade. However, the property is now slated for sale at a significantly lower price of $11 million to a real estate company.
The bankruptcy filing by Aspira Inc. raises concerns regarding the recovery of public funds and the accountability of charter school operators. Details regarding the specific terms of the sale and the ultimate distribution of proceeds in the bankruptcy case were not immediately available.
The situation highlights the complex financial structures and outcomes that can arise from public-private partnerships in education. Further information on the bankruptcy proceedings and the future of the Avondale building is expected as the case progresses.
Story summarized from the original created by Sarah Karp,Dan Mihalopoulos on chicago.suntimes.com, see more information here.
