Buffalo, NY (wben) - The Diocese of Buffalo filed its Chapter 11 reorganization plan with the Federal Bankruptcy Court on Wednesday.
Under the plan, the $150 Million for a settlement trust and the Abuse Claims Settlement Fund will be provided from a monetary contribution by the Diocese, all parishes of the Diocese, and affiliate Catholic organizations. The Plan also outlines other potential sources of funding for the Settlement Fund, including contributions by several of the largest diocesan insurers.
“Since becoming Bishop nearly five years ago, I have continued to assert that we have no higher priority than to work toward the healing of those who have been harmed... by the crime of sexual abuse” said Bishop Michael Fisher, in a statement. “This plan represents our best effort to deliver on that priority, as we also work to define a new, more hopeful era of Catholic faith and impact across our region.”
Wednesday was the deadline for the Diocese to submit the plan to the court. The plan can be seen HERE.
"This is the first day of the final chapter," attorney Steve Boyd, who represents many abuse victims, told WBEN. "The plan will be reviewed in court by all of the parties and by the judge. The judge will make a determination whether that plan can go out for a vote. Then, if the vote is approved, it goes to a confirmation hearing."
Boyd says that confirmation hearing would be the end of the bankruptcy. It's at that point victims would start being paid.
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