IRVING, TX – The Boy Scouts of America has filed for bankruptcy.
The youth organization filed on Tuesday as it faces a wave of sexual abuse lawsuits.
It listed its assets between $1 billion and $10 billion and estimated $500 million to $1 billion in liabilities.
According to its website, it filed chapter eleven to “equitably compensate victims who were harmed during their time in scouting.”
Local councils are not filing for bankruptcy as they are legally separate and distinct organizations.
“While we know nothing can undo the tragic abuse that victims suffered, we believe the chapter 11 process — with the proposed trust structure — will provide equitable compensation to all victims while maintaining the Boy Scouts of America’s important mission,” said Roger Mosby, Boy Scouts of America’s President and Chief Executive Officer.