Announcement Re. Gospel Light
This is the full text of an announcement Canadian stores received earlier today from David C. Cook, the Canadian distributor for Gospel Light:
As many of you may have heard, on Aug. 7th, 2015, Gospel Light voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The company will continue operations and product sales throughout the process as a “debtor-in-possession,” with a 120-day cash collateral plan to pay for employee wages and product delivery to trade and direct customers. Fall Curriculum will ship without any anticipated interruptions and Gospel Light will likely fulfill all winter curriculum orders as well. Gospel Light will conduct an auction of its Sunday School, Vacation Bible School, and Ministry Resource businesses, as well as seek Court approval to sell its ZDL shares to Pacific Resources International.