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Diocese of Albany secures extension of exclusive plan periods
By Sarah Lizee
Olympia, Wash., Oct. 18 – The Roman Catholic Diocese of Albany, New York secured an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Northern District of New York.
The court extended the exclusive plan filing period through Jan. 9 from Oct. 11 and the exclusive solicitation period through March 9 from Dec. 10.
“Of the approximately 32 Chapter 11 diocesan or religious organization cases filed prior to the debtor’s filing, approximately 22 of those cases have resulted in consensually confirmed reorganization plans,” the diocese said in the motion seeking the extension.
“In virtually all of those cases, terms for a consensual reorganization plan were reached following a mediation process in which the debtor, non-debtor entities, insurers and the creditors’ committee representing the interests of survivors of sexual abuse participated.”
Funding for payments to creditors, particularly abuse survivors, generally is paid from three sources – the debtor, non-debtor entities and insurers.
As such, it is vital to determine the parties’ interests and contributions to fund a plan to obtain the greatest possible recovery for creditors if the debtor is determined to be liable, for the St. Clare’s pensioners, in the most efficient and effective means possible, the diocese said.
“Until those issues are resolved, the debtor will not be in a position to file a proposed reorganization plan,” the diocese said.
The Albany, N.Y.-based diocese filed bankruptcy on March 15, 2023 under Chapter 11 case number 23-10244.
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