Archdiocese of Milwaukee announces plan to emerge from bankruptcy

CREATED Feb. 12, 2014 - UPDATED: Feb. 12, 2014

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MILWAUKEE -- The Archdiocese of Milwaukee announced Wednesday morning a plan to emerge from Chapter 11 bankruptcy.

Milwaukee Archbishop Jerome Listecki said the church is filing a plan for reorganization with the courts. 

Click here to read the Archdiocese's full "Plan of Reorganization"

Once the plan is confirmed by a judge, a $4 million fund will not only provide a plan that will allow the Archdiocese to emerge from bankruptcy, but it will establish a lifetime therapy fund for clergy abuse survivors and compensate survivors with eligible claims.

"Nothing I can say or do can change the past. The abuse suffered by survivors sickens me," Listecki said in a statement. "...I am sorry for what happened to abuse survivors and I understand our obligation to love and care for those who were harmed. "

The archdiocese filed for bankruptcy in 2011, after they said pending sexual abuse lawsuits could leave it with debts it can't pay. 

Archbishop Listecki said the church would use its remaining property as collateral for a loan.

"Now is the time for the archdiocese to turn a page on this ugly chapter of our history, not forgetting our past, but looking forward to a future guided by the Holy Spirit," he said.

Read Milwaukee Archbishop Jerome Listecki's full statement here.

Listen to 620WTMJ's Charlie Skyes full interview with Archbishop Jerome Listecki below.