Dr. Phil's TV network, Merit Street Media, filed for bankruptcy and sued its distribution partner, the Christian broadcasting company Trinity Broadcasting Network, alleging breach of contract.

A source tells PEOPLE exclusively that Dr. Phil McGraw is still "deeply committed" to Merit Street Media's brand and employees after the company voluntarily filed for Chapter 11 bankruptcy earlier this week.

The multiplatform network owned by the once popular talk show host is facing financial struggles for which it finds its partner, Trinity Broadcasting Network, at fault.