PTL Won’t Make Payment

PTL will not make a $5.7-million payment owed creditors next month and will lay off an additional 125 employees, the court-appointed trustee for the television ministry said today.

Federal Bankruptcy Judge Rufus Reynolds also granted PTL more time to make revisions in its court-approved bankruptcy reorganization plan. Possible revisions to the plan include the sale of $3 million to $4 million of undeveloped land this year, PTL trustee David Clark said. Other assets, including the Heritage Grand Hotel, could be sold as a last resort, he said. PTL must try to keep the television show on the air even without other “nonessential assets” such as the theme park, he said.