On July 12, 2023, the bankruptcy court granted the Committee’s application to employ Berkeley Research Group, LLC (“BRG”) as the Committee’s financial advisor. The Court authorized BRG to assist the Committee with analyzing the financial condition of the debtor, among other things. BRG’s analysis will provide insight into the scope of the Debtor’s assets and the Debtor’s ability to compensate survivors.  

On April 17, 2023, the United the United States Trustee, the governmental body tasked with overseeing bankruptcy cases, appointed seven members to the Official Committee of Tort Claimants (the “Committee”). The Committee was appointed to represent sexual abuse creditors in the Diocese of Albany’s bankruptcy case. More information regarding the role of the Committee can be found at Overview of Bankruptcy Process.

The Diocese of Albany filed for chapter 11 bankruptcy on March 15, 2023. In its initial case filings, the Diocese explained that its bankruptcy filing provide: “(i) the opportunity to maximize its assets for the benefit of abuse survivors, (ii) provide a process to administer claims of creditors (both victims of abuse and parties who, in good faith, provided goods and services to the Debtor), (iii) create a process for victims to assert their claims and have them fairly and impartially considered and compensated; (iv) give the Debtor some certitude in providing for claims not yet adjudicated and whose amounts have not yet been determined; and (v) the ability to provide assurances to those in the community who rely on the vital services it provides that those spiritual, educational and social services needs will continue to be met.”

The Debtor indicated that at the time it filed for bankruptcy it held assets totaling $37,736,642 and liabilities totaling $10,298,453.