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Portland Bankruptcy Judge Confirms $167.8 Million Chapter 11 Restructuring by the Northwest's Jesuits By Bryan Denson The Oregonian June 7, 2011 http://www.oregonlive.com/portland/index.ssf/2011/07/portland_bankruptcy_judge_conf.html
A judge in Portland today confirmed the Chapter 11 bankruptcy reorganization of the region's Jesuits, paving the way for 534 people to begin receiving payments for their pain and suffering at the hands of Jesuit clergy. The Portland-based Society of Jesus Oregon Province -- the formal name of the Jesuits in Oregon, Washington, Montana, Idaho and Alaska -- is expected to send checks for $48.1 million to its creditors in early August. Insurers for the Roman Catholic province will send payments of nearly $120 million later in the summer, according to attorneys for the parties. Chief U.S. Bankruptcy Judge Elizabeth L. Perris lauded a room full of lawyers -- and those taking part in today's proceedings by speakerphone -- for the marathon of negotiations and mediation that resulted in today's agreement. The Jesuits filed their original petition for bankruptcy on Feb. 17, 2009. Perris said the final agreement on the bankruptcy wasn't an answer to all the harm done to claimants. But, she said, "It's the best we've got." "On behalf of the Oregon Province, I want to express our most sincere sorrow for the pain and hurt caused by the actions of a few men who did not live up to their vows," the Very Rev. Patrick Lee, the province's senior official, said in a news release. "We will continue to pray for all those who are hurting and hope that today's announcement brings all involved one-step closer to the lasting healing they so richly deserve." |
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