Archdiocese might sell properties to pay bankruptcy debts

KARE
February 25, 2015

http://www.kare11.com/story/news/2015/02/24/archdiocese-might-sell-properties-to-pay-bankruptcy-debts/23966825/

St. Paul Cathedral

The Archdiocese of St. Paul and Minneapolis plans to seek permission from a bankruptcy trustee to possibly sell properties to help pay creditors.

Chief financial officer Tom Mertens told a creditors' committee meeting of the archdiocese's plan Tuesday. Included are the chancery office and three other properties.

After the meeting, Mertens told Minnesota Public Radio News the plan is to sell the four properties, assuming the offer price is adequate.

Mertens says the archdiocese will seek permission to sell a property in Northfield and three St. Paul buildings, including the chancery. He says the archdiocese will consider leasing office space elsewhere.

The archdiocese filed for Chapter 11 reorganization in mid-January, saying it was the best way to fairly compensate victims of clergy sexual abuse while continuing the church's mission.