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Henderson Church, Bank Reach Bankruptcy Settlement

LAS VEGAS (AP) — A bankrupt church in Henderson has reached a confidential settlement with a bank that had been trying to foreclose on its property.

The Las Vegas Sun reports the Church at South Las Vegas will pay an undisclosed sum to First Bank of St. Louis and deposit into escrow almost $550,000 of some $646,700 in dispute in the July bankruptcy filing.

The church defaulted on its mortgage on its building on Horizon Ridge Parkway near Seven Hills Drive, claiming its value of about $2.4 million was too far below the nearly $7.9 million owed to the bank. The bank values the building at almost $3.8 million.

The Sun reports that most of the Nov. 29 agreement approved by U.S. District Bankruptcy Judge Linda Riegle is confidential.

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Information from: Las Vegas Sun, http://www.lasvegassun.com

© Copyright 2011 The Associated Press. All Rights Reserved.

This material may not be published, broadcast, rewritten or redistributed.

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