Facing 100 lawsuits from some 350 athletes across the country, USA Gymnastics has filed for bankruptcy in an effort to survive countless settlements over serial sexual abuse committed by Larry Nassar, their imprisoned former doctor.

That's according to the Associated Press, which reported Wednesday that the organization filed a Chapter 11 bankruptcy petition in Indianapolis as part of a "reorganization" of business. USA Gymnastics itself, in fact, has since confirmed the filing and called it a maneuver for the benefit of Nassar victims.

"This filing will enable USA Gymnastics to continue to support its athletes, to fully operate and meet its responsibilities to the entire membership and to expeditiously resolve the claims made by the survivors of sexual abuse perpetrated by Larry Nassar," the organization said.

"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," said Kathryn Carson, chair of the USA Gymnastics Board of Directors. "Our sport is safer and stronger thanks to the bravery of these women. The Chapter 11 filing and the expedited resolution of these claims are critical first steps in rebuilding the community's trust."

The fact that USA Gymnastics has filed for bankruptcy to aid in compensating victims, however, speaks volumes about why so many victims filed claims against USA Gymnastics in the first place. According to the AP, many athletes alleged that the organization failed to properly supervise and discipline Nassar, who was sentenced to three different prison terms and will remain behind bars for life after sexually assaulting countless young women while working as a team doctor for Team USA and Michigan State University.

By holding off all pending action against USA Gymnastics, the Chapter 11 bankruptcy filing also allows USA Gymnastics to continue cooperating with the United States Olympic Committee, which has attempted to "strip its designation as a national governing body," according to the AP.