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 Journal Sentinel says 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.