USA Gymnastics on Wednesday filed for bankruptcy as it seeks to reach settlements in dozens of lawsuits stemming from the sexual abuse scandal that has destabilized the organization for almost two years.

The organization filed for a bankruptcy petition in Indianapolis, its latest attempt to stay afloat after the U.S. Olympic Committee last month initiated the first steps to removing USA Gymnastic's recognition as a national body.

The bankruptcy filing puts a temporary hold on all "pending actions" against the organization, which is facing 100 lawsuits representing 350 athletes in total, The Associated Press reported.

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“Our board has been talking about this bankruptcy strategy for a while now,” said Kathryn Carson, chairwoman of the USA Gymnastics board, according to USA Today. “Our primary reason to do this is to expedite those survivor claims.”

Carson said the bankruptcy filing will still come from already-purchased insurance coverage, the AP reported.

"[The insurance companies] are aware we’re taking this action and our expectation is they will come to the table and pay on our coverage," Carson 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," she added.

USA Gymnastics has been reeling as hundreds of women have come forward alleging that former longtime Olympic doctor Larry Nassar molested them during medical examinations.

Nassar was sentenced to 40 to 175 years in prison after pleading guilty to criminal sexual misconduct earlier this year.  

The scandal put intense scrutiny on multiple USA Olympics organizations, as more young athletes emerged with stories of sexual abuse and manipulation by authority figures. 

Carson said USA Gymnastics is continuing to have discussions with USA Olympics about the organization's possible decertification.

"We always have a dialogue going with them and intend to make it clear with them we have a lot to talk about and we want to keep that going,” Carson said.