Crystal Cathedral Ministries Files for BankruptcyMonday, October 18, 2010
Garden Grove’s Crystal Cathedral Ministries filed for bankruptcy protection on Monday, listing debts of $50 million to $100 million.
The megachurch, founded by television evangelist Robert Schuller, filed for Chapter 11 reorganization in the Santa Ana division of bankruptcy court.
The petition shows the church having less than 1,000 creditors, and says that Crystal Cathedral Ministries has as much as $100 million in assets.
The church, known for its “Hour of Power” television show, cited the economy and dwindling contributions as the reasons behind the filing.
“Budgets could not be cut fast enough to keep up with the unprecedented rapid decline in revenue due to the recession,” Senior Pastor Sheila Schuller Coleman said in a statement.
Schuller Coleman is the daughter of Robert Schuller, who retired this year as principal pastor of the Crystal Cathedral and is chairman of the church's board.