Facing a wave of lawsuits over allegations of sexual abuse, the Boy Scouts of America has filed for bankruptcy. 

The long-anticipated Chapter 11 bankruptcy filing will allow the Boy Scouts to keep operating as it reorganizes its finances and handles claims from hundreds of potential victims. It will also give alleged victims a limited amount of time to come forward before being barred indefinitely from seeking compensation.

“The BSA cares deeply about all victims of abuse and sincerely apologizes to anyone who was harmed during their time in Scouting. We are outraged that there have been times when individuals took advantage of our programs to harm innocent children,” Roger Mosby, the president and CEO of the Boy Scouts of America, said in a statement released around 1 a.m. Tuesday.

“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 BSA’s important mission.”

The filing early Tuesday punctuates a tumultuous time for the 110-year-old organization, which continues to be one of the largest youth groups in the United States.

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