Gospel Light Files Chapter 11 Bankruptcy

Aug 11, 2015

Gospel Light, a Christian goods store, filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Central District of California, Northern Division, on Aug. 7. The company will continue to operate its business as a “debtor-in-possession” under the jurisdiction of the Bankruptcy Court. 

Gospel Light has filed a 120-day cash collateral plan to satisfy the obligations associated with the daily operations of its business, including the payment of employee wages and delivery of products for the church to both trade and direct customers.

In addition to its Chapter 11 filing, Gospel Light is planning to auction off its Sunday School, Vacation Bible School, and Ministry Resource businesses. The company is also seeking Court approval for the sale of its shares in ZDL to its minority partner, Pacific Resources International.

News of the bankruptcy and reorganization was followed by an announcement that Dave Thornton would be the company's new CEO.

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