Unprecedented look at archdiocese finances - WAOW - Newsline 9, Wausau News, Weather, Sports

Unprecedented look at archdiocese finances


MILWAUKEE (AP) -- The Archdiocese of Milwaukee has provided a rare look at its finances with a federal bankruptcy court filing.

Financial statements filed Monday show the archdiocese has nearly $41 million in assets and $24 million in liabilities. The archdiocese filed for Chapter 11 bankruptcy protection in January after it failed to reach a settlement with two dozen victims of sexual abuse by Catholic clergy.

The court will determine what assets are available to compensate victims and creditors. Then it will oversee a reorganization plan to keep the archdiocese operating.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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