USA Gymnastics Asks For 60 More Days To File Ch. 11 Plan

Law360 (September 13, 2019, 2:07 PM EDT) -- USA Gymnastics has asked the Indiana bankruptcy court overseeing its restructuring for more time to file a Chapter 11 plan, saying it’s making progress in dealing with its insurers and the hundreds of sexual abuse claims that felled it.

In a seven-page motion filed Wednesday, the nation's governing body for gymnastics asked to extend the so-called exclusivity period for 60 days, from the current expiration date of Oct. 4 to Dec. 5. During that period, USAG has the sole right to file a Chapter 11 plan, but if it lapses, the organization’s creditors will be able to file their own plans....

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