Megachurch Files for Chapter 11

SANTA ANA, Calif. (CN) - Crystal Cathedral Ministries, an Orange County-based megachurch founded by the Rev. Robert Schuller, filed for Chapter 11 bankruptcy, listing more than $50 million in debts. The church, whose mainstay is its televised "Hour of Power," owes more than $43 million on its mortgage and overdue payments to its vendors and local TV stations around the country.

The church issued a statement saying it will continue its Sunday services, and broadcasts, but said it has laid off staff and will reduce the number of stations that broadcast its show.

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