COLUMBIA, S.C. — A federal judge approved a reorganization plan today that calls for supporters of PTL to dig deeper into their pockets for money to pull the scandal-plagued television ministry out of bankruptcy.
But U.S. Bankruptcy Judge Rufus Reynolds warned the plan will save PTL only if ministry partners want it to survive.
PTL owes more than $60 million to various creditors, not including $62 million the IRS is attempting to collect.
The plan calls for PTL supporters to increase giving by at least $1 million a month to repay indebtedness.
"I might say this is saving PTL--if the donors want it," Reynolds said. "If they don't want it, well, it's up to them."
Series of Problems
PTL has had nothing but trouble since founder Jim Bakker resigned over a sex scandal and the Rev. Jerry Falwell took over.