28/04/2026
It is very difficult for us to write this message. Until the very last moment, we tried to find a solution, but unfortunately we must acknowledge that, despite all our efforts, we have not been able to overcome the financial difficulties.
Today at 11:30 EST (17:30 CET), bankruptcy proceedings were initiated.
Le Sallay Academy and Le Sallay Dialogue have ceased operations.
The financial situation had been challenging for a long time. Nevertheless, we believed that, as in previous years, we would be able to overcome these difficulties. The schools survived the pandemic and several wars but, unfortunately, the war in Iran became the final tipping point.
Like most private schools, our budget relied in part on donations, which allowed us to educate children in difficult life circumstances or whose families could not afford the full tuition. Without the support of sponsors, our school – like many others – could not exist. However, in recent months, several major donors informed us that they could no longer support the school. At the same time, some families who were considering enrollment decided to postpone their plans: under current circumstances, it would be hard for them to send their children alone on long trips to in-person sessions, which we fully understand. In addition, the sharp rise in oil prices has already led to a significant increase in the cost of flights and accommodation. Our attempts to secure additional funding at the required scale were unsuccessful.
At present, the company has accumulated a significant operational deficit that makes it impossible to cover operating expenses, pay for hotels and flights, or service outstanding debts. Over the years, we have done everything in our power. We sought new investors, explored additional sources of funding, and reduced costs, including shortening or canceling in-person sessions. As founders, we contributed personal funds, sold shares in our other businesses, and took out personal loans. A substantial portion of our income from other projects has been used to support the school in recent years. At this point, our resources have been fully exhausted.
In light of this, yesterday at the Board of Directors we made the decision to close the project, and today a bankruptcy filing was submitted to the United States Bankruptcy Court for the District of Delaware.
We have informed our team, parents, creditors, and shareholders about the company’s bankruptcy and the closure of the school. We will do everything possible to minimize the damage. In particular, all students who studied this year have received their transcripts.
On this difficult day, we continue to believe that everything we have done over these years was not in vain. Around three hundred students from about fifty countries across Europe, Asia, the Americas, and Africa studied at our schools, grew, and discovered new opportunities. We did everything we could to ensure that every student – regardless of their path or life circumstances – could learn, develop, and feel part of a vibrant, safe, and supportive community.
What we achieved over these years would not have been possible without the support of many people, whom we would like to thank today.
Our investors – those who believed in our school and invested their money in it. Despite never receiving dividends, they supported us throughout these years. Without you, our school would not have existed.
Our creditors - those who provided loans to the company during difficult financial periods. Without you, we would have closed several years earlier.
Our special thanks goes to our donors – those who contributed funds to support education and children in difficult circumstances. This was very important to us. Over the past years, we were supported by the Zimin Foundation, Mercatus Center, as well as several private donors who chose to remain anonymous. We are deeply grateful for your help – our school existed in recent years thanks to you.
And, of course, we would like to thank all our staff: teachers, principals, managers, counselors, and psychologists. Without you, our schools would have had no meaning. It were you who did everything possible to ensure that students received a high-quality education that will be valuable for their future.
Finally, we address the parents of our students. You entrusted us with the most valuable thing you have – your children. We deeply regret that we are unable to complete this year as we had hoped, and that we will not be able to teach your children in the coming year.
It is so sad for us that it all ended this way and for the losses you are facing as a result of the company’s bankruptcy and the closure of the schools.
It is painful for us to write about what has happened, but our sorrow and grief do not diminish the pride we feel for what was achieved. At this difficult moment, we hope that the legacy of our school will live on in people and in their actions.
Today we grieve, but we believe that what we built over these eight years was not in vain.
Sincerely,
Sergey Kuznetsov
Ekaterina Kadieva
P.S. From the moment of the bankruptcy filing, no one except the trustee appointed by the State of Delaware has the authority to represent the school. Therefore, we are closing this page to new posts and comments.
