When Cazenovia College announced it was shutting its doors for good in late June, it became the latest example of the mounting economic crisis facing countless private institutions in the U.S. today. Like scores of small schools before it, plummeting enrollment pushed Cazenovia to the point where it couldn’t pay back the $25 million it owes its bondholders. Now, as the 200-year-old institution in rural upstate New York embarks on the tough task of winding down and liquidating, Cazenovia serves as a reminder of the widening shakeout of higher-ed in America.

“Real estate is typically a school’s biggest asset,” said Mark Podgainy, who works with distressed colleges. “Based on my experience, when a college liquidates you are unlikely to get what the appraised value was,” said Podgainy, speaking broadly about similar situations.

“Restructuring colleges can be more challenging than restructuring a corporation,” Podgainy said, adding that college closures can be very emotional.

Read the full article in Bloomberg here.