USA Gymnastics, which is still embroiled in dozens of sex-abuse lawsuits, has filed for Chapter 11 bankruptcy in an attempt to ensure its long-term viability.
Per Will Graves of the Associated Press, the organization's petition was filed in Indianapolis on Wednesday.
"This is not a liquidation," said Kathryn Carson, USA Gymnastics chairwoman of the board of directors. "This is a reorganization."
Graves noted USA Gymnastics is currently facing 100 different lawsuits involving 350 athletes who blame the organization for enabling Larry Nassar by ignoring allegations of abuse against him during his time as a team doctor.