Tuesday, October 19, 2010

Megachurch Files For Bankruptcy Protection

Garden Grove, California's mega-church, the Crystal Cathedral Ministries, founded by Dr. Robert H. Schuller, announced yesterday that it is filing for Chapter 11 Bankruptcy Act protection. The Orange County Register reports that the cathedral owes unsecured creditors some $7.5 million, including $56,000 to the livestock supplier who supplied camels, horses and sheep for the cathedral's Glory of Christmas Pageant. The bankruptcy filing occurred after a committee of creditors refused to extend a moratorium which had been agreed to so negotiations could proceed.

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