USA Gymnastics files for Chapter 11 Bankruptcy

USA Gymnastics filed for Chapter 11 Bankruptcy. https://people.com/sports/usa-gymnastics-files-for-bankruptcy/  The Chapter 11 is to allow USA Gymnastics to reorganize and to deal with claims in the wake of the multple sex abuse allegations. USA Gymnastics released a statement indicating as follows:

"USA Gymnastics today filed a voluntary petition for protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Indiana..." The statement also indicated that the "filing will enable USA Gymnastics to continue to support its athletes, to fully operate and meet its responsibilities to the entire membership and to expeditiously resolve the claims made by the survivors of sexual abuse perpetrated by Larry Nassar."

It is very early in the proceedings and whether a successful reorganization is possible in light of the accustions is yet to be determined.

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