Judge Oks bankruptcy plan for NW Jesuits
Thursday, July 7, 2011
PORTLAND, Ore. (AP) -- A federal bankruptcy judge in Portland approved plans Thursday for the Chapter 11 reorganization of Jesuit priests in the Northwest.
The Oregonian reports that paves the way for more than 500 creditors to begin receiving payments this summer for past sex abuse by Jesuit clergy.
The Portland-based Society of Jesus Oregon Province is expected in early August to put $48 million in a settlement trust for the creditors. The province oversees the order of Catholic priests in Oregon, Washington, Montana, Idaho and Alaska.
Lawyers in the case say that later this summer, insurers for the Oregon Province will put an additional $120 million in the settlement trust.
Information from: The Oregonian, http://www.oregonlive.com