By Todd Wallack, Globe Staff
The auction of the Charles Street African Methodist Episcopal Church, originally scheduled for Thursday morning, has been postponed until summer after the church filed for federal bankruptcy protection.
The auction company, Paul E. Saperstein Co. of Holbrook, posted a note on its web site saying the auction has been continued due to bankruptcy until July 19.
The historic black church filed for Chapter 11 bankruptcy protection on Tuesday to block OneUnited Bank in Boston from foreclosing on a $1.1 million loan and auctioning off the Roxbury church, as well as an adjacent small retail building and a former pastors residence in Milton.
The church hopes to keep all the properties and renegotiate its loans with OneUnited. In addition to the $1.1 million loan, it also owes OneUnited $3 million for construction of a community center, which has yet to be completed. The church has proposed repaying the bank over 30 years.
OneUnited, one of the nations largest black-owned banks, has said it is studying the bankruptcy filing. Lawyers for the church were expected to appear in US Bankruptcy Court on Thursday.
Read the original:
Charles Street AME Church auction postponed until July after bankruptcy filing
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