New Orleans Archdiocese Gets $30 Million Insurance Deal Approved

A judge signed off on a nearly $30 million insurer settlement in the New Orleans Archdiocese’s Chapter 11 case, subject to approval of the Catholic institution’s bankruptcy exit plan.

The insurance buybacks embedded in the deal were contested by the Justice Department’s bankruptcy watchdog, the US Trustee, but the objection was resolved during a Monday hearing in the US Bankruptcy Court for the Eastern District of Louisiana.

If the diocese isn’t able to get its overall bankruptcy plan confirmed, no one would be held liable to abide by the buybacks, Judge Meredith S. Grabill said during the the hearing. A ...