Anderson church emerges from bankruptcy

(WISH Photo)
(WISH Photo)

ANDERSON, Ind. (AP) — A central Indiana church has emerged from bankruptcy after taking that step last year when it wasn’t able to make a $5.8 million balloon payment on a construction loan.

Madison Park Church of God business administrator Rob Spaulding says the repayment of the loan has since been renegotiated and the church in Anderson is now on a new payment schedule.

The Herald Bulletin reports the church filed in July for Chapter 11 reorganization over a nearly $17.5 million loan from 2007 to pay for fund construction of its community life center.

Spaulding says the church is moving forward thanks to the support of its congregation and new interest rates. He says the construction debt will be repaid in full.

WISHTV.com provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others and keep the conversation on topic and civil. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s