CHICAGO -- The Chicago Board of Education's financial future is in the hands of the Illinois General Assembly after a federal judge yesterday confirmed his Friday deadline for lawmakers to approve a bailout plan for the school system.

U.S. District Court Judge Charles Kocoras said yesterday that if lawmakers do not approve a plan by Friday, he would issue an extension of a temporary restraining order keeping schools open. However, he said the extension would be granted only if the board and the Chicago School Finance Authority, the board's oversight panel, are in agreement with the order.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.