Dec. 5 (UPI) -- USA Gymnastics filed for Chapter 11 bankruptcy Wednesday in the wake of former team doctor Larry Nassar's sexual abuse coming to light.
Board Chair Kathryn Carson announced the national governing body for gymnastics filed a voluntary petition for bankruptcy protection after several meetings since the board of directors was appointed in June to determine how to move forward after Nassar's abuses.
"Critical to this effort are reaching resolution with the survivors of Larry Nassar's abuse and putting the safety and well-being of our athletes at the forefront of all that we do," Carson said. "This has been a challenging time, but we feel confident we are moving in the right direction, and we are taking the necessary steps to rebuild the organization and meet our responsibilities to our athletes and members, the survivors and the entire community."
The news came the same day the U.S. Olympic Committee began the process of decertifying USA Gymnastics as the governing body of the sport meaning it would no longer be in charge of the sport at the Olympic level.
Carson said USA Gymnastics would continue to operate fully and the filing would enable it to expedite resolution of claims by the Nassar survivors covered by various insurance policies.
She added a search is underway for a new CEO "who has the experience and leadership skills to build on our efforts to date, help us to continue to restore confidence in USA Gymnastics, and execute a clear vision for a successful future."
In October, former gymnast and congresswoman Mary Bono resigned as interim CEO and president of USA Gymnastics amid pressure and concern from USA gymnasts over a tweet that depicted Bono marking over the Nike logo on a pair of shoes after the company made Colin Kaepernick the face of its "Just Do It" campaign.
Former CEO Kerry Perry resigned a month earlier amid criticism that she did not do enough to address Nassar's abuse or give survivors a voice in the organization.
Nassar was convicted of sexually assaulting more than 260 women and girls and was sentenced to 40 to 175 years on seven separate counts of criminal sexual conduct, a first-degree felony.
"All of our actions -- from this filing, to working for resolution with the survivors of Nassar's horrific abuse, to the safety initiatives we have implemented, to supporting our members and clubs, to providing educational and competitive opportunities -- are taken with recognition of the past and a goal to make USA Gymnastics the best it can be for all participants," said Carson.