USA Gymnastics secures two-month exclusivity extension amid mediation

By Caroline Salls

Pittsburgh, Jan. 22 – USA Gymnastics received an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Indiana.

USA Gymnastics’ exclusive filing period was extended by 60 days through April 3 and the solicitation period through May 29.

According to the motion, USA Gymnastics has in excess of 500 creditors, the majority of them survivors of sexual abuse.

Mediation began in July 2019 with a survivors committee, USA Gymnastics’ insurers and other parties in interest to negotiate a consensual plan of reorganization, the motion said.

The organization said it was not sure if insurance coverage adversary proceedings or mediation will be concluded before the current exclusive filing-period expiration date.

As a result, a plan will not be proposed before the current filing period expires.

The Indianapolis-based gymnastics organization filed bankruptcy on Dec. 5, 2018 under Chapter 11 case number 18-09108.

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