GARDEN GROVE (CBS) — Church officials say the Crystal Cathedral will be sold to avoid bankruptcy.
The church plans to sell the 40-acre campus to a real estate group with the guaranteed option of leasing it back for 15 years, spokesman John Charles of Crystal Cathedral said in a released statement.
It filed for bankruptcy protection in October 2010, stating it owed more than $50 million to creditors, The Los Angeles Times reported.
“The purpose of this plan is to generate funds to repay creditors without affecting the ability of the ministry to operate,” Marc Winthrop, attorney representing the cathedral in bankruptcy court, told The Orange County Register.
“We are pleased that we are able to honor the debt that we have incurred and to honor the creditors who are due their payment,” Pastor Sheila Schuller Coleman said. “We are thankful to the vendors for their patience and we are so sorry for any pain that they have incurred. To pay them back 100 percent has always been a top priority and we are grateful to God for providing the resources to be able to do just that.”
The investor’s name or purchase price has not been released.
(©2011 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)