Crystal Cathedral Files Chapter 11 Bankruptcy
No real surprise here : Crystal Cathedral Ministries, an Orange County landmark and megachurch founded by television evangelist Robert H. Schuller, filed for Chapter 11 bankruptcy Monday morning. The cathedral owes about about $7.5 million to unsecured creditors. The bankruptcy filing seeks court protection from its creditors. In a statement issued Monday, Senior Pastor Sheila Schuller Coleman said the bankruptcy filing was a necessity because a “small number of creditors chose to file lawsuits and obtained writ of attachment.” She said the cathedral also had no choice because a committee of creditors decided not to extend a moratorium to allow continued talks about a payment plan. “For these reasons, the Ministry now finds it necessary to seek the protection of a Chapter 11,” she said. They desperately need new management in there if they have any hopes of saving that church from destroying itself.
Crystal Cathedral Files Chapter 11 Bankruptcy
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on October 18, 2010. Filed under