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.

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.

Dr. Phil McGraw’s Merit Street Media is filing for bankruptcy, and is also suing its distribution partner, Trinity Broadcasting, for breach of contract.