CANADA
Canada NewsWire
CORNER BROOK, NL, May 6 /CNW/ - The Roman Catholic Episcopal Corporation
of St. George's today filed a proposal to its creditors with the Official
Receiver's Office pursuant to the Bankruptcy and Insolvency Act. A Notice of
Intention filed on March 8, 2005 effected a "stay of proceedings" in civil
actions against the Corporation including those launched since 1991 on behalf
of victims of sexual abuse. On April 18, 2005 the Corporation requested and
was granted an extension of the stay of proceedings until today, allowing the
Corporation time to evaluate its assets and to prepare the proposal to
creditors.
Over the past number of weeks the Corporation and its advisors have been
working with representatives of certain creditors to get their input for the
proposal that was filed today. Within the next three weeks the creditors will
review the proposal and will meet with Bishop Douglas Crosby and the Trustee
to discuss the terms and to ask questions. Following that meeting the
creditors will vote to accept the Corporation's proposal or to reject it.
"We are grateful for the cooperation we received from our creditors in
the preparation of this proposal," said Bishop Crosby. "We remain hopeful that
they will find it fair and just and that they will accept it."