Benefactors rescue struggling Los Angeles charter schools

Philanthropists have bailed out a financially struggling charter school operator with $10.5 million to keep its 15 inner-city campuses running in Los Angeles.

ICEF Public Schools Chief Executive Caprice Young said Thursday the group remains $2.5 million shy of its $12.5 million goal by February.

ICEF, which serves 4,500 students, ran into trouble when the state deferred its payments. The move forced the organization to take out expensive loans and layoff staff.

Major donations include $2.2 million from former Los Angeles Mayor Richard Riordan, $2 million from Palmer Murray of the Otis Booth Foundation and $2 million from The Eli & Edythe Broad Foundation.

Copyright 2010 The Associated Press.