Remember when you Grandparents watched the Crystal Cathedral on TV and here the stories of a trip to see it? Over the last few years the aging Schuller had put his son in charge. Then the son was out and it appears he left. So what has happened in very recent past?
It appears that they have been raking up a tremendous amount of debt in the name of the Lord and have sunk to $55 million budget deficit. Things have got to be getting tight and one wonders just how long before they shut the doors.
GARDEN GROVE, Calif. — Leaders of the Crystal Cathedral in California have met with vendors and creditors to discuss possible debt payments after three businesses sued the megachurch over $2 million in unpaid bills.
Sheila Schuller Coleman said in a statement that church leaders met Friday with dozens of vendors to apologize and ask them to hold off on legal action for 90 days.
Coleman says a committee of vendors and creditors was formed to work as a “bridge” between Crystal Cathedral Ministries and vendors to assure equitable treatment when funds become available.
The church used Credit Management Association, which helps insolvent companies go through liquidation and avoid bankruptcy, to send out the invitations to vendors.
The church has a $55 million budget deficit, recently conducted layoffs and sold church property.
Information from: The Orange County Register, http://www.ocregister.com
via The Associated Press: Crystal Cathedral megachurch meets with creditors.
