Megachurch Seeks Deliverance From Debts

Law360, New York (October 19, 2010, 4:54 PM EDT) -- Crystal Cathedral Ministries, one of the nation's oldest megachurches, known for its televised weekly church service “Hour of Power,” has filed for Chapter 11 protection, seeking to resurrect itself from about $43 million in debt.

The Orange County, Calif., church filed a voluntary petition Monday in the U.S. Bankruptcy Court for the Central District of California, blaming the economic downturn for a 30 percent drop in donations, according to the ministry’s lawyer, Marc Winthrop of Winthrop Couchot.

The church’s largest debt is the $36 million mortgage...
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