USA Gymnastics Floats $425M Ch. 11 Plan For Abuse Victims

By Vince Sullivan (September 1, 2021, 3:03 PM EDT) -- The national governing body of competitive gymnastics filed a proposed Chapter 11 plan late Tuesday in Indiana bankruptcy court that contemplates the creation of a $425 million fund for the hundreds of sexual abuse victims who have filed valid claims against the organization, nearly doubling an initial proposal filed in early 2020.

In the filing, USA Gymnastics said it and the official committee representing abuse survivors both support the plan, which hinges on the participation of the debtor's general liability insurers in a settlement deal to fund the victim trust and provides for alternate tracks that would enable victims to pursue...

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