I know sometimes 'reorganizing' can just mean cleaning house with membership issues or something and not necessarily closing the chapter. If the chapter was closed they would be recolonizing not reorganizing. There is a two year wait to do that (though I think it might be only one year in cases where the chapter votes to close itself). IU was closed for a very different reason besides numbers so I wouldn't compare that situation to Purdue. If numbers is Purdue's main issue then I think it would be unfair to close them just for that.
(You're not going to find anything on the AOII website about it - like most groups, you hear a lot more about when chapters are opening than when they close.)
That being said... can we please try to refrain from rumors like this on the boards. I know the question was asked out of curiosity about the situation but until something is 100% it is really not fair to the chapter to speculate on it. I know that my collegiate chapter has been 'going to close' for at least 20 years now - pnm's have even been told that during parties by members of other groups

... and while happily it is still going strong it doesn't stop the rumors from hurting the chapter during recruitment.
Thanks