WASHINGTON (Sputnik) - USA Gymnastics said in a statement on Wednesday that it has filed a petition for protection under the US Bankruptcy Code in order to expeditiously resolve sexual abuse claims perpetrated the organization’s former doctor Larry Nassar.

"We owe it to the survivors to resolve, fully and finally, claims based on the horrific acts of the past and, through this process, seek to expedite resolution and help them move forward," USA Gymnastics Board of Directors Chair Kathryn Carson said. "The Chapter 11 filing and the expedited resolution of these claims are critical first steps in rebuilding the community’s trust."

The release explained the claims have been covered by previously purchased insurance, but USA Gymnastics has no additional significant assets to pay the claimants.

"USA Gymnastics believes that the Bankruptcy Court is the best forum in which to implement appropriate procedures to equitably determine and allocate the insurance proceeds among claimants, allowing compensation to survivors to proceed more quickly than litigation filed in multiple courts around the country," the release said.

By staying all pending actions against USA Gymnastics, the filing also allows the organization to work with the US Olympic Committee (USOC) to determine the best path forward for the sport.

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"We look forward to future conversations with the USOC to demonstrate our commitment at all levels to strengthening the organization and making gymnastics the best it can be for athletes at all levels," Carson said. "USA Gymnastics will continue with its day-to-day operations of directing and managing the sport’s business and implementing initiatives that put the safety and well-being of the athletes at the forefront."

In December 2017, Nassar was sentenced to 60 years in prison for possessing child pornography. In addition, Nassar was given in January another 40 to 175 years in prison for sexually abusing young female athletes. More than 260 women and girls have claimed they were assaulted by Nassar.