From the Times-Union:
The Roman Catholic Diocese of Albany on Wednesday filed for Chapter 11 bankruptcy as it grapples with the financial impact of hundreds of civil claims resulting from decades of child sexual abuse and cover-ups, both admitted and alleged.
Bishop Edward B. Scharfenberger announced the decision, which follows months of negotiations between attorneys for the diocese and plaintiffs. In a news conference a few hours after the announcement, Scharfenberger said the diocese had come to the decision that it needed to declare bankruptcy because its financial position had become precarious.