USA Gymnastics Files Bankruptcy

USA Gymnastics Files Bankruptcy
On December 6, 2018, the USA Gymnastics organization filed for chapter 11. In their bankruptcy, they plan to restructure over $50 million in debt, however, recent reports say the debt may actually be over $100 million, but that is not confirmed. With dozens of lawsuits, USA Gymnastics is drowning in debt. We’ve all heard about the Nassar lawsuit, however, that is just one of many lawsuits that has began to crumple the USA Gymnastics. The USA Gymnastics hopes that by filing, they will expedite many of their lawsuit processes. So, what’s next for USA Gymnastics? This article will answer all of your questions and more, so keep reading!
USA Gymnastics Files Bankruptcy
The USA Gymnastics is in a fairly difficult pinch, as they are in the wrong, and know that they are in the wrong. Members associated with their organization violated federal laws, sentencing them to prison. Survivors of the trauma have sense filed countless lawsuits, burying the organization in debt. However, by filing a chapter 11, USA Gymnastics hopes that many of the law suits will simply be stopped, but that may not be the case.
What’s Next For USA Gymnastics?
USA Gymnastics will come out of this bankruptcy okay, even with all the law suits. The fact of the matter is that USA Gymnastics is in deep water right now, and bankruptcy is the only thing that can save them. However, it is going to take them some time. These lawsuits are going to magically disappear because of filing a chapter 11. The media is far too invested in this topic for it to simply be swept under the table. Bankruptcy most certainly will help them recover and hopefully change the way the organization is managed.
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