Boy Scouts Of America File For Chapter 11 Bankruptcy Protection

IRVING, TX. (THECOUNT) — The Boy Scouts of America has filed for bankruptcy protection.

Facing a mountain of legal costs from defending itself against lawsuits alleging sexual abuse of boys, the venerable nonprofit sought Chapter 11 protection in a court filing early Tuesday.

A spokesman for the Boy Scouts of America said in a statement that the filing had “two key objectives: equitably compensate victims who were harmed during their time in Scouting and continue carrying out its mission for years to come. The BSA intends to use the Chapter 11 process to create a Victims Compensation Trust that would provide equitable compensation to victims,” reports NBC.

The Boy Scouts said that only the national organization had filed for Chapter 11 and that local councils that provide programming and other services remain “financially independent.”

The Boy Scouts of America (BSA) (colloquially, the Boy Scouts) is the largest scouting organization and one of the largest youth organizations in the United States, with about 2.3 million youth participants and about one million adult volunteers. The BSA was founded in 1910, and since then, about 110 million Americans participated in BSA programs at some time in their lives. BSA is part of the international Scout Movement and became a founding member organization of the World Organization of the Scout Movement in 1922, according to wikipedia.

DEVELOPING::

Geo quick facts: Irving is a Texas city just northwest of Dallas. The Irving Arts Center offers changing art exhibitions, outdoor installations, theater productions and concerts. Dominating the center of Williams Square is Robert Glen’s “Mustangs of Las Colinas,” a bronze sculpture of 9 wild horses galloping through water. The faithfully restored Ruth Paine House Museum explores the 1963 assassination of President John F. Kennedy – wikipedia.