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USA Gymnastics is turning to bankruptcy in an effort to ensure its survival.

The embattled organization filed a Chapter 11 bankruptcy petition on Wednesday as it attempts to reach settlements in the dozens of sex-abuse lawsuits it faces and to forestall its potential demise at the hands of the U.S. Olympic Committee.

USA Gymnastics filed the petition in Indianapolis, where it is based. It faces 100 lawsuits representing 350 athletes in various courts across the country who blame the group for failing to supervise Larry Nassar, a team doctor accused of molesting them.

Kathryn Carson, who was recently elected chairwoman of the board of directors, said the organization is turning to bankruptcy to speed things up after mediation attempts failed to gain traction.

She says: “This is not a liquidation. This is a reorganization.”

Carson says the legal maneuvering delays the USOC’s efforts to strip its designation as a national governing body.

In a statement Wednesday, attorney John Manly, who represented many of the victims in lawsuits against USAG and MSU, said the filing shouldn't stop authorities from digging into the gymnastics organization's handling of allegations against Nassar.

"This bankruptcy filing will suspend all lawsuits by Nassar survivors and their ongoing efforts to discover the truth about who at USA Gymnastics and the U.S. Olympic Committee knew about Nassar’s criminal conduct and failed to stop it," Manly said.
 
"We strongly encourage Congress and the relevant state and local law enforcement agencies investigating this matter to redouble their efforts to uncover the truth and hold all responsible parties accountable."