MILWAUKEE (WI)
Fox 6
February 12, 2014, by Trisha Bee
MILWAUKEE (WITI) — The Archdiocese of Milwaukee will file its Plan of Reorganization in its Chapter 11 proceeding February 12th, according to a press release.
The Plan will establish a Lifetime Therapy Fund for abuse survivors; compensating abuse survivors with eligible claims; and provide a feasible operation plan to allow the archdiocese to emerge from bankruptcy once the plan is confirmed by the bankruptcy judge.
“This is a major step toward ending the bankruptcy and returning our focus to the primary mission of the Church; namely, proclaiming the Gospel, worshipping more fully, and serving our sisters and brothers in need,” Archbishop Jerome E. Listecki said. “This Plan makes sure abuse survivors continue receiving the assistance they need, while allowing the archdiocese to return its focus to its ministry.
The Plan sets aside approximately $4 million from the non-restricted assets of the estate of the archdiocese to distribute to abuse survivors and to pursue litigation for the recovery of additional funds from the archdiocese’s insurance companies. To provide the money, the archdiocese will use its remaining property as collateral for a loan.
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