As our valued partner in providing spiritual, educational, charitable and cultural activities in the Long Island community, the Diocese of Rockville Centre felt it was important to share the news with you that today we have filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. In addition to the media release attached to this email, a video message from Bishop Barres announcing this filing and other information regarding the filing is posted on the diocesan website: www.drvc.org.
We took this necessary action to manage litigation expenses, address disputes with the Diocese’s insurers and facilitate settlements of lawsuits filed under the Child Victims Act. Like many other institutions and the parishioners, we serve, the Diocese has suffered a strain on its finances as a result of the COVID-19 pandemic. Approximately 40 percent of our annual revenue comes from offertory collections, which have dropped precipitously with attendance at Sunday Mass.
We believe the restructuring process is the only way to ensure a fair and equitable outcome for everyone involved, including abuse survivors whose compensation settlements will be resolved by the courts.
But rest assured, this process will impede neither our mission to be a spiritual resource to the 1.4 million Catholics who reside in Long Island nor our partnership with your organization.
The Diocese believes its current and future liquidity will be sufficient to fund operations and ministries during the restructuring process and beyond. Operations of the parishes and schools are expected to continue as normal.
We will work diligently with all survivors, creditors and ministries to maintain open communication while we work toward our goal of completing a settlement and finalizing a restructuring plan that includes a comprehensive and fair resolution for survivors.
We appreciate your support prayers during this period. Please feel free to reach out to us if you have any questions or concerns. You may also find updated information on our website: www.drvc.org.
Click Here to read the media release.