Crystal Cathedral to be used as college campus in bankruptcy deal

The problem-plagued Crystal Cathedral has recultantly endorsed selling its sprawling campus to a university as part of a bankruptcy reorganization plan.

The Christian Science Monitor says

The church’s board of directors has backed Chapman University’s offer to buy the property if the church is unable to raise enough money to avoid a sale, the church said in a written statement.

Under the plan, the church would be able to continue to use a number of buildings on the Garden Grove campus and possibly repurchase them at a later date. […]

The Crystal Cathedral filed for Chapter 11 bankruptcy protection last year while struggling to emerge from more than $43 million in debt.

The Orange County Registers writes

Chapman University and the Roman Catholic Diocese of Orange, which offered $53.6 million in cash, were the top bidders for the financially ailing cathedral. Crystal Cathedral Ministries filed for Chapter 11 bankruptcy Oct. 18.

Senior Pastor Sheila Schuller Coleman, daughter of Crystal Cathedral founder Robert H. Schuller, said in a statement that the board “had to reluctantly vote to accept a plan due to deadlines required by the court.”

“Nothing is final until November 14!” she said, adding that she continues to “pray” and “believe.”

Robert H. Schuller issued a statement saying he has “tremendous respect” for both Chapman and the diocese.

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Religion News Blog posted this on Thursday October 27, 2011.
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