Commercial Real Estate and Bankruptcy and Banking & Finance and Mortgages and Real Estate & Retail

Big Anderson church files for Chapter 11 bankruptcy

July 16, 2013

The Madison Park Church of God in Anderson has filed for Chapter 11 bankruptcy reorganization, saying it was the victim of the recession and the closing of a General Motors Co. plant.

The church, originally known as North Anderson Church of God and located on Scatterfield Road, bought a 200-acre site near Interstate 69 in 2007 and built a church there using three bridge loans. One $6 million loan matured in July 12 and couldn’t be repaid because the church was unable to sell some of the real estate.

The bankruptcy petition, filed July 12 in Indianapolis, lists assets of less than $10 million and debt exceeding $10 million.

Madison Park Church is looking for a pastor, according to its website. In April, Jim Lyon had been the church's pastor for 22 years, said he was stepping down to become the general director-designate of the Anderson-based Church of God Ministries, which has 2,200 congregations around North America.

The Herald Bulletin of Anderson said about 3,000 families attend Madison Park Church.

ADVERTISEMENT

Recent Articles by IBJ Staff and Bloomberg News

Comments powered by Disqus