Creditors Back $46M University Bid For Crystal Cathedral

Law360, Wilmington (July 5, 2011, 8:03 PM EDT) -- Chapman University offered $46 million Tuesday to purchase Crystal Cathedral Ministries' 35-acre campus in California bankruptcy proceedings, a deal backed by unsecured creditors that want to use the alternative bid as the centerpiece of a competing reorganization plan.

In tandem with the university’s offer, the unsecured creditors committee moved to terminate Crystal Cathedral’s exclusivity period for filing a Chapter 11 plan, saying Chapman’s bid — while equal in dollar amount to the Greenlaw Acquisitions LLC offer at the heart of the ministry’s Chapter 11 plan —...
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