BRADENTON, Fla. — Lambuth University in Jackson, Tenn., closed down academic operations Thursday while administrative offices remained open and negotiations continued with various parties for the payment of debts, including outstanding bonds.

The Methodist-affiliated university has not made it known to bondholders through an official market disclosure that it is closing. While the trustee representing bondholders said such a disclosure was not legally required, one market participant noted the bonds are still trading and may be sold to uninformed investors.

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