Officials at Cazenovia College this summer came to a devastating realization: They could not refinance a $25 million debt when it came due in full Sept. 1. Thus began a desperate scramble to save the private liberal arts college that has been an integral part of this idyllic Upstate New York village for nearly 200 years. The college tried everything it could: Asking lenders for more time to pay up. Fundraising appeals to alumni. A bailout from the state. Partnerships with other colleges.
