PORTLAND —  Bishop Richard Malone plans to make an announcement Tuesday on a proposal by a group of parents to keep Cathedral School open.

In April the Roman Catholic Diocese of Greater Portland announced the 147-year-old school, which is running a deficit of $115,000 this year and would more than double that figure if the school remained open next year, would close after the last day of classes June 16.

Backers objected and developed a plan that they say will both address the deficit and provide adequate revenue going forward to keep the school open. Details of the proposal were not released.

Malone met with the parents and initially said he would announce a decision last Friday. The diocese then delayed the decision twice.

“This will allow as much time as possible for the financial assurances to be presented,” said Sue Bernard, spokeswoman for the diocese. “It’s obviously a big decision.”

Bernard said Malone will announce his decision Tuesday on whether to proceed with the school closing.