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Judge approves Crystal Cathedral's move to pay creditors
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The Crystal Cathedral in Garden Grove, CA.
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A federal bankruptcy judge has approved a necessary first step in a plan to sell Orange County’s iconic Crystal Cathedral church to pay off its creditors.
The judge approved a disclosure statement that will now be sent to the nearly 400 creditors that are owed a total of $50 million by the church.
The creditors committee is considering several options for the sale of the mega-church.
The most viable at this point is a $53.6 million cash bid by the Roman Catholic Diocese of Orange. The other is a $50 million offer from Chapman University in Orange.
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Meanwhile, a lawyer representing the crystal cathedral told the court its parishoners are “making progress” in their bid to raise enough money in time to pay off the creditors and save the church.
The judge scheduled a confirmation hearing for mid november to finalize a plan.
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