Report: Buyer expresses interest in Ohio Valley University campus | News, Sports, Jobs

PARKERSBURG — A letter of intent to purchase the former Ohio Valley University campus has been submitted to the receiver for the shuttered school, according to documents filed in Wood County Circuit Court.

ABTV Receivership Services files regular reports with the court as part of the legal action initiated early in 2022 by UMB Bank, the trustee for four series of bonds issued by OVU over the years.

The ninth such report, filed in December, does not specify the prospective buyer or a price but says “the receiver is in the process of negotiating an Asset Purchase Agreement” and has arranged to complete a property condition and environmental assessment, along with a zoning report and survey of the campus’ real property to aid in the sale.

Facing mounting debt and the impending loss of its ability to confer degrees, OVU closed in December 2021 and filed for bankruptcy in February 2022. The campus is part of the collateral for the bonds through which UMB aims to collect money to reimburse holders of the bonds.

The property consists of 11 buildings on approximately 255 acres of space between Parkersburg and Vienna, according to the website of Keen-Summit Capital Partners Inc., the company marketing the property. A call to the company was not immediately returned Thursday afternoon.

Evan Bevins can be reached at [email protected]

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