The bankruptcy petition has been filed to make a settlement in dozens of the sex-abuse lawsuits and to ensure the survival of victims. USA Gymnastics said that the petition would be helpful in expediting an equitable resolution of claims made by the survivors.
"The filing will help expedite an equitable resolution of the claims made by the survivors of sexual abuse perpetrated by Larry Nassar. We owe it to these brave women who have come forward," CNN quoted USA Gymnastics, as saying.
Several gymnasts including Olympians had accused Nassar of abusing them at the ranch. More than 150 women and girls have said he had molested them under the pretext of medical treatment.
Nassar was sentenced to up to 175 years for sexually abusing young gymnasts in his care.
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