Palm Beach Community Church in Palm Beach Gardens has filed for Chapter 11 bankruptcy reorganization in a bid to stave off a foreclosure filed against the church by its lender, PNC Bank. The filing was made after efforts to pay down part a loan to PNC Bank fell apart last week.
In an Oct. 20 filing in U.S. Bankruptcy Court, the church lists assets of $15.6 million, including its property on PGA Boulevard, and debts of $11.4 million. Since 2011, the church and PNC have been locked in litigation on an $11.3 million mortgage secured by the church building, known as the Borland Center. (Other unsecured debtors are owed $106,000, according to the filing.)
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