Milwaukee YMCA Submits Plan to Emerge from Bankruptcy
The reorganization plan the YMCA of Metropolitan Milwaukee filed Sunday with U.S. Bankruptcy Court, would leave the 'Y' with a smaller footprint here.
Under the proposal, the YMCA would, among other steps:
- Sell more than 70% of properties it owns in metro Milwaukee
- Transfer some programs to other organizations
- Use sale proceeds to repay as much debt as possible
- Reduce staff by 55%
The YMCA says it reached by plan by working with banks and other creditors, so it is confident all parties involved will be satisfied. It is requesting a hearing date as soon as possible, with hopes of emerging from Chapter 11 bankruptcy by the end of January.