USA Gymnastics files for bankruptcy as part of 'reorganization'

USA Gymnastics files for bankruptcy as part of 'reorganization'
USA Gymnastics filed for Chapter 11 bankruptcy on Wednesday as it searches for ways to remain afloat in the wake of the Larry Nassar sexual abuse scandal. The national governing body for gymnastics said it hopes this latest move will allow for an expedited process in handling dozens of civil lawsuits related to the sexual abuse perpetrated by Nassar, the former national medical coordinator who was convicted of assaulting patients under the guise of medical treatment. "This is not a liquidation," said Kathryn Carson, the chair of USA Gymnastics' board of directors said. "This is a reorganization. ... We owe it to the survivors to resolve, fully and finally, claims based on the horrific acts of the past." Her statement said USA Gymnastics has no assets significant enough to help settle the claims made in those lawsuits. The filing claims between $50 million and $100 million in assets and the same monetary range of liabilities. Carson's statement said insurance...