Wednesday, December 4, 2002

More than a rumor:

Archdiocesan financial panel approves the possibility of bankruptcy

The Archdiocese of Boston, which faces potentially huge liabilities in a clergy sexual assault scandal, took a step closer to declaring bankruptcy on Wednesday but said it still hoped to reach a settlement with victims instead. The finance panel of the archdiocese voted to allow reorganization under Chapter 11 of the Federal Bankruptcy Code, but church leaders said they had yet to make a final decision. If Boston Cardinal Bernard Law were to take that path, the archdiocese would first need the Vatican's approval, the church said in a statement.

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