Bankrupt archdiocese files objections to creditors' reorganization plan
The bankrupt Archdiocese of St. Paul and Minneapolis says the latest reorganization plan proposed for the church by creditors would strip it of all assets required to pursue the church's mission.
The archdiocese filed its objections to the creditors' plan Friday and urged acceptance of its own $156 million settlement.
"The committee's plan isn't a reorganization plan, it's an unlawful dismantling of the Catholic Church in the Twin Cities," read a joint statement from Tom Abood, chair of the Archdiocesan Finance Council and Brian Short, a member of the Archdiocesan Corporate Board of Directors. "The committee's plan is also simply unworkable from a legal or practical basis."
The Twin Cities archdiocese filed for Chapter 11 bankruptcy in January 2015, motivated by hundreds of claims of sex abuse against archdiocesan priests.
Read more: http://www.southernminn.com/faribault_daily_news/news/article_9e004d92-746d-5ecc-bba0-51cc1d7ce44e.html
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