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.
Marisa Kwiatkowski, Tim Evans and Ryan Martin of the Indianapolis Star reported in April that the USA Gymnastics governing body filed a lawsuit against its insurance carriers for not providing full defense or reimbursing defense costs for 10 of the lawsuits relating to Nassar.
The Star report also noted major sponsors like AT&T, Hershey, Kellogg's and Proctor & Gamble severed ties with the organization in the wake of the Nassar scandal.
Per Will Hobson and Liz Clarke of the Washington Post, the U.S. Olympic Committee initiated proceedings to decertify USA Gymnastics in an effort to revoke the group's Olympic association.
Three-time Olympic gold medalist Aly Raisman was one of the Nassar survivors who filed a lawsuit against the U.S. Olympic Committee and USA Gymnastics earlier this year.
Nassar spent 18 years as USA Gymnastics national medical coordinator from 1996-2014. He pleaded guilty in three different cases involving receiving and possession of child pornography and first-degree criminal sexual misconduct during his time with the organization and as a doctor at Michigan State University.