COLUMBIA, S.C. -- Financial judgment day arrived at PTL yesterday with a federal judge approving a reorganization plan calling on supporters to come up with big bucks if they want to keep the bankrupt television ministry alive.

But the plan approved by U.S. Bankruptcy Judge Rufus Reynolds drew strong objections from a faction that wants to see PTL founder Jim Bakker return to the ministry he lost in a sex scandal.

"A hole might as well open up and take PTL in," said Vickie Goodman Meadows, a member of the Bring Bakker Back Club. "They are not going to get enough donations to keep it open until Jim Bakker comes back."

Bring Bakker Back Club Vice President Inez Brown said, "The creditors are looking for one thing -- and it's not Jesus. They're looking for their dollars, and when they don't find them in this plan they'll start looking somewhere else and they're going to find Jim."

PTL owes more than $60 million to various creditors, not including $62 million the IRS wants to collect in taxes.

Bakker, defrocked by the Assemblies of God church for his sexual encounter with former church secretary Jessica Hahn and for allegations of homosexuality, received new ministerial credentials two weeks ago from a church in Tulsa, and said he wants to return to PTL.

But approval of the reorganization plan -- which leaves PTL in the hands of court-appointed trustee David Clark and calls on supporters to give an extra $1 million a month -- leaves no role for Bakker, who was represented at the hearing by attorney Ryan Hovis.

"He {Bakker} wants to come back as a fundraiser and as a minister," said Hovis. "But every day Clark is looking more and more like he wants to be the comptroller of PTL. They get on that TV screen and the bug bites. I call it the TV demon."

Bakker left PTL March 19, turning the ministry over to the Rev. Jerry Falwell, who quit Oct. 8 in a disagreement with the bankruptcy court.

Reynolds said the PTL reorganization plan -- proposed by the creditors and approved by the partners, people who have donated to PTL -- is the only way to save the debt-ridden ministry. But Reynolds conceded the plan may not keep PTL from going under.

"I might say this is saving PTL -- if the donors want it," said Reynolds. "If they don't want it, well, it's up to them."

After the hearing, Clark predicted the court's action will spur donors to send money to PTL, but he conceded that will not happen immediately.

The IRS claims PTL owes it as much as $62 million in back taxes and says it should have no tax-exempt status since it is actually a business masquerading as a ministry. The tax agency cited PTL's luxury hotel, various other lodgings, its television studio and its amusement park water slide in its claim.

To address that, concessions were made before the reorganization plan was approved. The plan splits the ministry into five parts -- a nonprofit holding company, three nonprofit subsidiaries and a for-profit subsidiary. The for-profit group will include hotels, the water slide and retail shops at the ministry's Heritage USA theme park.