Bankruptcy filing: Archdiocese of Santa Fe worth $50 million
December 04, 2018 06:24 PM
ALBUQUERQUE, N.M. – The Catholic Archdiocese of Santa Fe has filed for Chapter 11 bankruptcy in court.
The move comes after 25 years of the church paying out millions of dollars to people who were sexually abused by Catholic priests.
KOB 4 Investigates’ Chris Ramirez delved deep into the 200-page court filing and learned how much the archdiocese is worth and, who it owes money to.
Currently, the Archdiocese is worth about $50 million and that includes real estate, assets and money accounts.
Real estate alone makes up about $32 million.
The church is interested in protecting all of its assets while at the same time continuing to pay out claims for victims of clergy sex abuse.
According to the filing, the church has nearly 40 pending lawsuits from victims claiming to have been sexually abused by the Catholic clergy in New Mexico.
The filings estimate that each of those pending lawsuits will cost the church about $100,000.
Next year, while the church reorganizes in court, none of the outstanding lawsuits will be paid out.
Instead, a committee representing the victims will hire expert bankruptcy lawyers to represent them.
The archbishop spoke about how this move will also help to make sure there is money available for people who come forward with abuse claims in the future.
“It's my firm conviction that reorganization helps us to provide in an equitable manner, especially those who could forward in the future as well as those who have already come forward of taking the courageous step of making a claim,” said Archbishop John Wester.
The church has asked the court to keep its payroll and any private information about victims secret.
The entire process will take about a year before all is said and done.
Updated: December 04, 2018 06:24 PM
Created: December 04, 2018 04:50 PM
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