{"id":5452,"date":"2021-03-03T10:08:39","date_gmt":"2021-03-03T16:08:39","guid":{"rendered":"https:\/\/totscouting.org\/an-important-milestone-in-the-bsas-chapter-11-case\/"},"modified":"2021-03-03T10:08:39","modified_gmt":"2021-03-03T16:08:39","slug":"an-important-milestone-in-the-bsas-chapter-11-case","status":"publish","type":"post","link":"https:\/\/totscouting.org\/an-important-milestone-in-the-bsas-chapter-11-case\/","title":{"rendered":"An Important Milestone In The BSA\u2019s Chapter 11 Case\u00a0"},"content":{"rendered":"
Dear Scouting Family,\u00a0<\/p>\n
This past year demonstrated that the B<\/span>oy Scouts of America<\/span>\u2019s mission is more important than ever before<\/span>, and I look to the\u00a0<\/span>future<\/span>\u00a0with\u00a0<\/span>hope<\/span>. The\u00a0<\/span>entire Scouting\u00a0<\/span>c<\/span>ommunity showed impressive perseverance,\u00a0<\/span>leadership,<\/span>\u00a0and commitment to the mission.\u00a0<\/span>I thank you all for showing up for Scouting each and every day.\u00a0<\/span>\u00a0<\/span><\/p>\n It has been just over a year since the BSA filed for Chapter 11 bankruptcy. As you know from our regular updates, we have made significant progress<\/span>,\u00a0<\/span>but there is still more work to be done.\u00a0<\/span>With that said, I am\u00a0<\/span><\/b>pleased<\/span><\/b>\u00a0to share with you that the BSA\u00a0<\/span><\/b>has taken<\/span><\/b>\u00a0an important step toward emerging from this process by filing a<\/span><\/b>n amended\u00a0<\/span><\/b>Plan of Reorganization with the<\/span><\/b>\u00a0Bankruptcy<\/span><\/b>\u00a0Court.\u00a0<\/span><\/b>\u00a0<\/span><\/p>\n The\u00a0<\/span>amended\u00a0<\/span>Plan<\/span>\u00a0of Reorganization<\/span>\u00a0<\/span>outlines the BSA\u2019s proposed strategy to provide equitable compensation\u00a0<\/span>to<\/span>\u00a0<\/span>victims of past abuse\u00a0<\/span>and address our other financial obligations so that we can continue to serve youth for years to come. There are still many aspects<\/span>\u00a0of the Plan<\/span>\u00a0that we are\u00a0<\/span>refining\u00a0<\/span>through ongoing mediation, but\u00a0<\/span>the amended Plan is an important step in\u00a0<\/span>demonstrating\u00a0<\/span>progress<\/span>\u00a0<\/span>that we believe<\/span>\u00a0will ultimately lead to a final plan that the\u00a0<\/span>Bankruptcy\u00a0<\/span>C<\/span>ourt will confirm.<\/span>\u00a0<\/span><\/p>\n Some\u00a0<\/span>o<\/span>f\u00a0<\/span>the proposed aspects outlined in\u00a0<\/span>the<\/span>\u00a0filing include<\/span>:<\/span>\u00a0<\/span><\/p>\n As I mentioned,\u00a0<\/span>this amended plan<\/span>\u00a0is\u00a0<\/span>not the final plan<\/span>.\u00a0<\/span>While we have reached agreements with two key constituents<\/span>\u2014<\/span>our secured lender and the Official Committee of Unsecured Creditors<\/span>\u2014<\/span>we con<\/span>tinue to negotiate with other parties\u00a0<\/span>as we move through the process of having our\u00a0<\/span>P<\/span>lan confirmed by the\u00a0<\/span>Bankruptcy\u00a0<\/span>C<\/span>ourt<\/span>.<\/span>\u00a0<\/span>Ultimately,\u00a0<\/span>c<\/span>laimants in<\/span>\u00a0the BSA\u2019s\u00a0<\/span>C<\/span>hapter 11 proceeding<\/span>\u00a0will have\u00a0<\/span>the opportunity\u00a0<\/span>to vote\u00a0<\/span>on the\u00a0<\/span>Plan. We are hopeful we can come to a<\/span>\u00a0global<\/span>\u00a0resolution that is in everyone\u2019s best interes<\/span>t,\u00a0<\/span>including<\/span>\u00a0<\/span>the<\/span>\u00a0<\/span>victims<\/span>,\u00a0<\/span>and\u00a0<\/span>can<\/span>\u00a0<\/span>complete our restructuring process<\/span>\u00a0<\/span>by th<\/span>is<\/span>\u00a0fall.<\/span>\u00a0<\/span><\/p>\n I recognize\u00a0<\/span>that\u00a0<\/span>this is a\u00a0<\/span>complex process<\/span>,\u00a0<\/span>but I want to remind you all\u00a0<\/span>of\u00a0<\/span>what we are trying to achieve through\u00a0<\/span>it:\u00a0<\/span>Our<\/span><\/b>\u00a0Scouting Movement\u2014<\/span><\/b>the national organization and local councils alike<\/span><\/b>\u2014<\/span><\/b>ha<\/span><\/b>s<\/span><\/b>\u00a0<\/span><\/b>a\u00a0<\/span><\/b>moral responsibility\u00a0<\/span><\/b>to compensate\u00a0<\/span><\/b>victims of past abuse<\/span><\/b>\u00a0and to continue\u00a0<\/span><\/b>Scouting\u2019s\u00a0<\/span><\/b>mission<\/span><\/b>.\u00a0<\/span><\/b>We understand the\u00a0<\/span><\/b>gravity<\/span><\/b>\u00a0<\/span><\/b>of<\/span><\/b>\u00a0meeting\u00a0<\/span><\/b>these imperatives<\/span><\/b>,<\/span><\/b>\u00a0and<\/span><\/b>\u00a0<\/span><\/b>we are\u00a0<\/span><\/b>taking the necessary steps to get there.<\/span><\/b>\u00a0<\/span>\u00a0<\/span><\/p>\n While\u00a0<\/span>there is\u00a0<\/span>still<\/span>\u00a0work\u00a0<\/span>ahead of us<\/span>, I\u2019m confident\u00a0<\/span>that\u00a0<\/span>our Scouting Movement\u00a0<\/span>will\u00a0<\/span>come out of<\/span>\u00a0this process\u00a0<\/span>even\u00a0<\/span>stronger<\/span>,<\/span>\u00a0<\/span>as long as<\/span>\u00a0we<\/span>\u00a0<\/span>move forward<\/span>\u00a0together<\/span>\n
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