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Davenport files bankruptcy plan
National Catholic Reporter, Feb 22, 2008
DAVENPORT, Iowa -- Fifteen months after the Davenport diocese filed for bankruptcy, it submitted a reorganization plan with the committee that represents most of its creditors--156 survivors of clergy sexual abuse. The plan outlines the process for distributing a $37 million settlement among creditors and identifies 17 nonmonetary measures the diocese will take to foster healing and to prevent abuse in the future.
The proposal, filed Jan. 31, could be confirmed later this spring, said Dick Davidson, the diocese's bankruptcy attorney.
Travelers Insurance is contributing $19.5 million to the settlement, while $17.5 million. The diocese will sign over to the settlement trustee the deed for the property of its headquarters, valued at $3.9 million. The diocese has $5.7 million cash on hand and will receive $3 million toward the settlement from St. Vincent Home Corp., the foundation established after the closing of what was an orphanage, and another $2.9 million from four parishes where significant abuse took place.
COPYRIGHT 2008 National Catholic Reporter
COPYRIGHT 2008 Gale, Cengage Learning
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