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.