New Chapter 11 Filing – Madison Square Boys & Girls Club, Inc.

On June 29, 2022, New York City-based Madison Square Boys & Girls Club, Inc. (the “Club”), a non-profit aimed to save and enhance the lives of underserved boys and girls through after school programming and youth development services, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 22-10910).  The Club reports $50 million to $100 million in assets and $100 million to $500 million in liabilities.  According to a press release from the Club, they have entered bankruptcy to facilitate the efficient and equitable resolution of legacy claims filed under the New York State Child Victims Act (the “CVA”).  Since the passage of the CVA in 2019, the club has been named a defendant in 149 lawsuits, and and the vast majority of claims relate to the conduct of a volunteer doctor [who was last associated with the Club] in the 1980s. The Club states it entered bankruptcy to reach a comprehensive global solution for these claims while it continues to provide essential services, resources, and support for its thousands of current and future members.

Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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