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	Court Approves Proposal to Creditors By Margaret McLaughlin Canada NewsWire [Canada] July 5, 2005 CORNER BROOK, NL, July 5 /CNW/ - The Supreme Court of Newfoundland and Labrador today approved the proposal that the Roman Catholic Episcopal Corporation of St. George's presented to its creditors on May 25, 2005. The proposal, which was overwhelmingly approved by a vote of creditors, required court approval pursuant to the Bankruptcy and Insolvency Act. It is now up to the Corporation to fulfill its financial commitment under the terms of the proposal. On March 8, 2005 the Corporation filed a Notice of Intention that effected a "stay of proceedings" in civil actions against the Corporation including those launched since 1991 on behalf of victims of sexual abuse. The stay of proceedings gave the Corporation time to evaluate its assets and to prepare the proposal to creditors. Today's decision by the court authorizes the Corporation to discharge its financial commitment to its creditors, which is in excess of $13 million, within the 30-month payment schedule as spelled out in the proposal. "It's up to us to keep our commitment," said the Most Rev. Douglas Crosby, Bishop of St. George's Diocese. "The Court's decision affirms our belief that the proposal was fair and just and we will discharge our financial and legal obligations. But more importantly, today marks the beginning of the end of a long and painful episode for the victims of sexual abuse and for the priests and people of St. George's. Now we can focus on healing one another." The Bishop met with parishioners and priests across the diocese over the past several weeks to talk about the practical reality of the financial commitment. Certain parishes and missions will be closed and many properties will be sold, including churches. Over the coming weeks the diocese will be looking for additional ways and means to raise the funds required to meet its financial commitment under the terms of the proposal while sustaining its ability to continue its pastoral ministry. The Diocese of St. George's, established in 1904, is located in Western Newfoundland. It serves a Catholic population of 32,060 found in 20 parishes under the pastoral care of 18 priests. St. George's is one of four Catholic dioceses in the province. The Diocesan Centre is located in Corner Brook. www.rcchurch.com