Crystal Cathedral Church to be sold!

A federal bankruptcy judge has approved the plan to sell Orange County’s iconic Crystal Cathedral church to pay off its creditors.

The Cathedral Church currently holds a debt of  over $ 50 million.

In a statement approved by the judge, the Church must pay its 400 creditors with the money it fetches by selling the Church.

Che, i am unable to understand what made the Church to borrow so much debt.  50 million dollars is very high .

Church Blames Recession

Blaming the Recession, the Cathedral Church’s revenue dipped 27% from roughly $30 million in 2008 to $22 million in 2009.

“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, the Los Angeles Times reports.  Church also laid off 50 workers in January and sold surplus property.

Meanwhile, a lawyer representing the crystal cathedral told the court its parishioners are “making progress” in their bid to raise enough money in time to pay off the creditors and save the church.

So far, the Church has received 2 bids from well known names such as Roman Catholic Diocese of Orange who is willing to get the church for  $53.6 million cash and the other is a $50 million offer from Chapman University in Orange.

Hearing the Church plea of paying off its creditors soon [ without selling the church] , the judge scheduled a confirmation hearing for mid november to finalize a plan.