Crystal Cathedral Megachurch Bankrupt

California megachurch Crystal Cathedral Ministries has filed for bankruptcy protection amid a flood of lawsuits from unpaid creditors and a steep drop in donations. Officials of the Orange County church, best known for its Hour of Power telecast, say the filing was necessary because creditors refuse to prolong a moratorium on repayment, CNN reports. Services and telecasts will continue, according to a senior pastor.

"Challenging situations are nothing new to our 55-year ministry," said pastor Sheila Schuller Coleman, daughter of church founder Robert Schuller. "Many people said we'd fail when we started our church in a drive-in theater. But look how successful that was!" The Chapter 11 filing "is just one more chapter in the book that He is continuing to write," she added. "We have no doubt His chapter will be good!" (Click here for more high-profile bankruptcies.)